Moody's upgrades Yingde Gases

Moody's Investors Service said it upgraded Yingde Gases Group Co. Ltd.’s corporate family rating to Ba2 from Ba3. The agency also raised the senior unsecured rating on the bonds issued by Yingde Gases Investment Ltd. and guaranteed by Yingde Gases to Ba2 from B1.

"The rating upgrade reflects Yingde Gases' improving operating scale, client diversification, proven business resilience and longer track record of prudent financial management with low leverage since PAG Asia II LP took ownership of the company in 2017," said Roy Zhang, a Moody's vice president and senior analyst, in a press release.

"The upgrade of the senior unsecured rating also reflects declining priority claim at operating subsidiaries' level and better diversification of Yingde Gases' business profile, which mitigate structural subordination risk," added Zhang.

The outlook remains stable.

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