Moody's rates HKCG notes A1

Moody's Investors Service said it assigned an A1 rating to HKCG (Finance) Ltd.'s HK$219 million 10-year fixed-rate drawdown under its $1 billion medium-term note program guaranteed by the Hong Kong and China Gas Co. Ltd.

The outlook is stable.

"The issuance of fixed-rate notes under the existing medium-term note program is within our expectations and will have minimal impact on HKCG's debt leverage," Moody's associate managing director and analyst Peter Choy said in a news release.

"The A1 ratings reflect HKCG's long operating history as the first public utility company in Hong Kong, and track record of passing on rising costs through tariff adjustments, thereby establishing a highly stable and predictable level of cash flow generation from its domestic gas business," Choy added in the release.

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