Fitch: ENN Energy bonds BBB

Fitch Ratings said it assigned a final rating of BBB to ENN Energy Holdings Ltd.’s $400 million 3¼% bonds due 2019.

The notes are rated at the same level as ENN’s senior unsecured rating as they represent unconditional, unsubordinated and unsecured obligations of the company, Fitch said.

The final rating follows a review of final documents that conform to the draft documentation previously reviewed, the agency said. The final ratings are the same as the expected ratings assigned Oct. 9, Fitch said.

ENN’s operating performance continues to be strong, the agency said.

Fitch also said it continues to believe that the regulator will protect the dollar margin during gas cost price increase cycles, mainly due to the Chinese government’s goal to increase the usage of natural gas as a cleaner source of energy.

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