Moody’s changes ENN Ecological view

Moody's Investors Service said it affirmed ENN Ecological Holdings Co., Ltd.'s Ba2 corporate family rating, as well as the Ba2 rating on the senior unsecured notes issued by ENN Clean Energy International Investment Ltd. and guaranteed by ENN Ecological.

At the same time, Moody's revised the outlook to positive from stable.

The agency said the action follows ENN Ecological's announcement on Nov. 21 that it will acquire a 32.8% stake in ENN Energy Holdings Ltd. (Baa2 stable) for RMB 25.8 billion from ENN Group International Investment Ltd. and Essential Investment Holding Co. Ltd.

All of the entities are ultimately controlled by ENN Ecological's chairman, Wang Yusuo.

The proposed reorganization is subject to shareholder and regulatory approvals.

“The change in outlook to positive reflects our expectation that the reorganization, if completed as planned, will strengthen ENN Ecological's business profile,” said Chenyi Lu, a Moody's vice president and senior credit officer, in a news release.

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