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S&P lifts Towngas China
Standard & Poor's said it raised the long-term foreign-currency corporate credit rating on Towngas China Co. Ltd. to BBB from BBB- and its $200 million senior unsecured notes due 2011 to BBB from BBB-.
The outlook is stable. Ratings were removed from CreditWatch, where they were placed with positive implications on March 17.
"The rating upgrade follows our review of an asset injection by TCCL's parent, Hong Kong and China Gas Co. Ltd. (A+/stable), that was completed on July 15. In our view, the asset injection brings TCCL a step closer to further integrating into the wider Towngas group. It has also increased the strategic importance of TCCL to the group," S&P analyst Lawrence Lu said in a statement.
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