(Dec.15 Beijing) Standard & Poor's announced its BBB foreign currency corporate credit rating on China Petroleum & Chemical Corporation(Sinopec Corp.) on Dec.13 2002, which is identical with the credit rating of 2001.
The rating reflects Sinopec Corp. dominant market position in the domestic downstream refining and petrochemical sectors, a high degree of vertical integration, a supportive regulatory environment, strong position in the retail fuel market, and good progress with cost cutting initiatives. Although the revenue and net profit of the first three quarters of this year is slightly lower than that of last year, the oil and chemical market has improved since the 2nd quarter of this year. It estimates that Sinopec Corp. will keep stable performance this year.
