S&P Global Ratings assigned an A- rating to Sinochem on the support from holding company Sinochem Holdings, according to a note released Monday.

The outlook on the rating is stable, reflecting its role as a core subsidiary for the next two years.

Sinochem is the holding company's lone funding platform in the domestic and offshore financial markets and is seen to take the offshore financing place of Sinochem Hong Kong, the debt watcher said.

Sinochem's subsidiaries will also continue to keep the company competitive, as it holds the non-agricultural assets of the holding firm.

The company's debt-to-EBITDA ratio is seen to range between 15x to 17x due to "soft earnings" in the commodity chemicals and property development segments, S&P said.

While still high, the foreseen ratio is more subdued compared with the 21x ratio seen in 2024, the debt watcher said.

Sinochem is the holding company of Sinochem International (SHA:600500), Sinofert (HKG:0297), China Jinmao (HKG:0817), and the largest shareholder of Far East Horizon (HKG:3360).