Moody’s raises ENN Energy, debt to Baa2

Moody's Investors Service said it upgraded the issuer rating and senior unsecured debt rating of ENN Energy Holdings Ltd. to Baa2 from Baa3.

The outlook was changed to stable from positive.

"The ratings upgrade reflects the continued strengthening in ENN's credit profile, supported by ongoing stability in its business model and strong financial metrics that exceed our expectation for the previous rating," Moody's vice president and senior analyst Ivy Poon said in a news release.

"We expect the company's financial profile will be consistent with the Baa2 rating level in the next three years, due to healthy operating cash flow and moderate capital spending plan."

"However, China's evolving regulatory regime and ENN's increasing exposure in energy trading will remain as the key challenges for the company's rating," Poon added in the release.

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