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S&P assigns BBB to ENN notes
Standard & Poor’s said it assigned its BBB long-term issue rating and cnA long-term Greater China regional scale rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by ENN Energy Holdings Ltd. (BBB/stable/--; cnA/--).
The issue rating is the same as the corporate credit rating on ENN Energy.
In S&P’s view, the company’s diverse city-gas concession projects, with the majority of them debt-free, mitigate structural subordination risk associated with debt at the holding company level.
“The proposed issue does not affect our rating on ENN Energy,” S&P said in a news release.
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