Standard & Poor’s (S&P for short) and Fitch, two of the top three international credit rating agencies in the world, have upgraded the credit rating of Sinochem Hong Kong (Group) Co., Ltd. (Sinochem Hong Kong for short) on December 18, 2013 and January 9, 2014, respectively. While S&P has upgraded the long-term credit rating of Sinochem Hong Kong from BBB to BBB+, Fitch has adjusted the long-term IDR and senior unsecured rating of Sinochem Hong Kong from BBB+ to A-.
The authoritative recognitions fully manifest the fruitful achievement Sinochem Group has made in terms of enterprise competitiveness and business transition. The further elevation of Sinochem Group’s enterprise image and reputation in global capital market also paves way for companies under the umbrella of Sionchem Group like Far East Horizon Limited and Franshion Properties to win better rating results.
S&P holds that the limited yet diversified business portfolio of Sinochem Group effectively spreads the business risks under the sluggish macroeconomic environment and brings down the negative impact caused by economic fluctuation on the business performance of the company. Fitch fully recognized the significant role played by Sinochem Group with its core business in energy, agriculture and chemicals in the national economic development of China.