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S&P lifts ENN Energy
S&P said it raised the long-term issuer credit rating on ENN Energy Holdings Ltd. to BBB+ from BBB.
The outlook is stable.
S&P also said it raised the long-term rating on the company's senior unsecured notes to BBB+ from BBB.
The agency said it raised the ratings on ENN to reflect a view of its solid improvement in financial performance as supported by its robust growth of gas sales volume and decent household connection fee income from increasing gas penetration.
S&P said it expects ENN to continue to benefit from China's strong demand for natural gas over the next two years, maintaining annual growth of gas sales volume of 15% to 20%.
China's ongoing economic growth and accelerated urbanization will boost energy demand, the agency said.
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