Fitch Ratings has affirmed China Petroleum & Chemical Corporation (Sinopec)'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'A+'. The Outlook is Stable. The integrated oil, gas and petrochemical company's ratings are based on Fitch's assessment of the credit profile of Sinopec's 68.77% parent, China Petrochemical Corporation (Sinopec Group), under its Parent and Subsidiary Linkage Rating Criteria, due to strong legal, strategic and operational linkages. Fitch's assessment of Sinopec Group's credit profile is based on that of the China sovereign (A+/Stable), reflecting a 'Very Strong' ... (full story)