Fitch rates ENN Ecological BB

Fitch Ratings said it published ENN Ecological Holdings Co., Ltd.'s long-term foreign-currency issuer default rating of BB with a stable outlook.

“The BB rating reflects ENN EC's moderate financial profile and diversified, yet evolving, business profile, with operating leverage realised from its controlling shareholder's other businesses, including ENN Energy Holdings Ltd., which in aggregate, are referred to as ENN Group,” the agency said in a news release.

“A significant proportion of ENN EC's operating profit will come from commodity-related sectors, which have high earnings volatility – including coal mining, chemical production and trading as well as liquefied natural gas (LNG) processing and trading – if the company completes its proposed acquisition of Toshiba America LNG Corp. (TAL) and disposal of its biopharmaceutical business.”

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