Fitch upgrades ENN Ecological

Fitch Ratings said it upgraded ENN Ecological Holdings Co., Ltd.'s (ENN EC) long-term issuer default rating and the $500 million of 7½% senior unsecured notes issued by ENN Clean Energy International Investment Ltd. to BBB- from BB. The agency removed the ratings from rating watch evolving. The outlook is stable.

ENN EC indirectly holds 100% of ENN Clean Energy International and guarantees the dollar-denominated notes.

“The upgrade of ENN EC's rating follows the completion of its acquisition of a 32.8% stake in ENN Energy from the two companies' common ultimate controlling shareholder Mr. Wang Yusuo and his wife. Fitch now rates both companies based on its parent and subsidiary linkage rating criteria, under which the linkage between the two entities is assessed as moderate, reflecting a moderate, but increasing, degree of management control and operational integration, in the absence of legal or covenanted ring-fencing,” the agency said in a press release.

Concurrently, the agency affirmed ENN Energy Holdings Ltd.'s (ENN Energy) long-term issuer default rating at BBB. The outlook is stable. The agency also affirmed ENN Energy's senior unsecured rating at BBB and the ratings on its dollar-dollar senior unsecured notes at BBB.

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