S&P shifts Zheneng Jinjiang Environment view to stable

S&P said it revised the outlook for Zheneng Jinjiang Environment Co. Ltd. to stable from positive and affirmed the company’s BB- rating as well as the B+ rating on its senior unsecured notes.

Zheneng is a subsidiary of Zhejiang Provincial Energy Group Ltd. S&P said it expects the parent to help the company refinance its dollar-denominated notes due in July.

“The stable outlook reflects our opinion that ZJE's cash generation ability will improve, given that most facility upgrades were completed in the second half of 2019 and new capacity is expected to commence operation in 2020. The outlook also reflects our view that ZJE will repay its U.S. $200 million notes due in July 2020 with the help of ZPEG,” S&P said in a press release.

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