Fitch affirms ENN Energy at BBB

Fitch Ratings said it affirmed ENN Energy Holdings Ltd.’s long-term issuer default rating, senior unsecured rating and the rating on its outstanding bonds at BBB.

The outlook is stable.

Fitch said the ratings are underpinned by ENN's strong business profile and credit metrics. The company has 172 projects in China, covering a connectable population of 85 million, with a slight concentration in east and south China, where economic development is stronger.

“ENN has better access to lower-cost gas than peers and we believe it will be less affected by regulatory change that pressures the city-gas industry,” the agency said in a news release.

“We expect FFO adjusted net leverage to increase to 2.3x-2.6x (2017: 1.9x), but ENN's financial metrics should remain adequate for its BBB rating.”

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