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Rating Action:

Moody's confirms Sinopec Group's and Sinopec Corp's Aa3 ratings; outlook negative

 The document has been translated in other languages

30 Mar 2016

NOTE: On December 7, 2016, the press release was corrected as follows: The fifteenth paragraph of the Ratings Rationale section was amended to include special purpose vehicles. Revised release follows.

NOTE: On November 17, 2016, the press release was corrected as follows: In the Ratings Rationale section, the paragraph regarding Special Purpose Vehicles was removed. Revised release follows.

Hong Kong, March 30, 2016 -- Moody's Investors Service has confirmed the Aa3 issuer ratings of China Petrochemical Corporation (Sinopec Group) and its key listed subsidiary, China Petroleum and Chemical Corporation (Sinopec Corp).

Moody's has also confirmed the A1 issuer rating of Sinopec Century Bright Capital Investment Limited (SCB) and the following ratings guaranteed by Sinopec Group or Sinopec Corp:

- The Aa3 rating of the senior unsecured bonds issued by Sinopec Group Overseas Development (2012) Limited, Sinopec Group Overseas Development (2013) Limited, Sinopec Group Overseas Development (2014) Limited, and Sinopec Group Overseas Development (2015) Limited. These notes are guaranteed by Sinopec Group.

- The Aa3 ratings of the senior unsecured bonds issued by Sinopec Capital (2013) Limited and guaranteed by Sinopec Corp.

The outlook on all ratings is negative.

These rating actions conclude the review for downgrade announced by Moody's on 17 February 2016.

RATINGS RATIONALE

The confirmation of Sinopec Group's ratings reflects Moody's expectation that its credit metrics will remain stable, despite Moody's assumption of weak oil prices.

Sinopec Group's Aa3 issuer rating incorporates its BCA of a3 and our assessment of the likelihood of a very high level of support from the Chinese government (Aa3, negative) if required under Moody's joint default analysis approach for government related issuers.

The very high support assumption factors in Sinopec Group's high strategic importance to China as the country's largest refiner in terms of crude distillation capacity, and as the second-largest oil & gas producer in terms of crude oil production volume.

Based on Moody's price assumption of $33/bbl in 2016 and $38/bbl in 2017, Moody's expects that Sinopec Group's retained cash flow (RCF)/net debt will stay around 40% in 2016 and 2017, a level that remains appropriate for its BCA of a3.

Moody's considers Sinopec Corp's and Sinopec Group's credit profiles as closely linked, because Sinopec Corp is the key subsidiary of Sinopec Group and accounted for around 56% of the group's assets in 2014, and 82% of profits before tax.

Sinopec Group and Sinopec Corp's large downstream businesses also support their ability to withstand the industry downturn. The Chinese government's new policy of fuel price floors will increase the profits and cash flows of Sinopec Group and Sinopec Corp's large refining business, which in turn will likely offset the additional losses from their exploration & production business if international crude prices drop below $40/bbl.

Moody's also expects that both companies will use the proceeds from the disposal of their stakes in the retail and marketing segments to materially reduce their debt.

Sinopec Group and Sinopec Corp also have reduced their capital expenditures and dividend payments to preserve their financial profiles, and Moody's expects they will cut their capex further in 2016.

The negative outlook on the ratings is in line with the negative outlook on China's Aa3 sovereign rating.

A ratings upgrade for Sinopec Group and Sinopec Corp is unlikely in the near term, given the negative outlook.

The outlook could return to stable if the outlook on China's sovereign rating returns to stable.

The ratings of Sinopec Group and Sinopec Corp could be downgraded (1) China's sovereign rating is downgraded; or (2) the companies embark on large debt-funded acquisitions; or (3) crude oil prices drop further beyond Moody's expectations, such that RCF/net debt falls below 20%-25% for both companies.

SCB's A1 issuer rating is also closely linked with the rating of Sinopec Group, and reflects its strategic importance within the group as the sole entity managing Sinopec Group's offshore treasury operations. A keepwell agreement, which covers SCB's general debt obligations, reinforces the company's importance to Sinopec Group.

However, Moody's considers that keepwell agreements are different from explicit guarantees in terms of the nature of judgments and the procedures for enforcement. The final result of such a legal claim is unclear to bond investors as no such precedents in terms of litigation against Chinese corporates are available. This situation results in a one-notch rating gap with its parent.

The principal methodology used in rating China Petrochemical Corporation, Sinopec Century Bright Capital Investment Ltd, Sinopec Group Overseas Development (2012) Ltd, Sinopec Group Overseas Development (2013) Ltd, Sinopec Group Overseas Development (2014) Ltd, and Sinopec Group Overseas Development (2015) Ltd was Global Integrated Oil & Gas Industry published in April 2014. Other methodologies used include the Government-Related Issuers methodology published in October 2014. The principal methodology used in rating China Petroleum and Chemical Corporation and Sinopec Capital (2013) Limited was Global Integrated Oil & Gas Industry published in April 2014. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

China Petrochemical Corporation is 100%-owned by the Chinese government. It is China's second-largest oil & gas producer by production volume and also one of the largest enterprise owned by the State Council's State-owned Assets Supervision and Administration Commission.

China Petrochemical Corporation holds an approximate 73% stake in China Petroleum and Chemical Corporation.

The Local Market analyst for these ratings is Kai Hu, +86 (21) 2057-4012.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Chenyi Lu
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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