Fitch rates Beijing Gas notes A

Fitch Ratings said it assigned Beijing Gas Group Co., Ltd.'s planned dollar-denominated notes an A rating. The notes will be issued by Beijing Gas's fully owned subsidiary, Beijing Gas Singapore Capital Corp. The notes will be guaranteed by the parent.

“The ratings of Beijing Gas are aligned with Fitch's internal credit assessment of the company's immediate parent, Beijing Enterprises Holdings Ltd. (BEHL), which fully owns Beijing Gas. BEHL's credit profile is linked to that of its parent, Beijing Enterprises Group Co., Ltd. (BEG), which is linked to, but not equalized with, the Beijing municipality, to reflect the strong likelihood of government support, under Fitch's government-related entities rating criteria,” the agency said in a press release.

The company will use the proceeds to finance or refinance green projects.

The outlook is stable.

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