Moody's upgrades Zhejiang Energy

Moody's Investors Service said it upgraded Zhejiang Provincial Energy Group Co. Ltd.'s issuer rating to A1 from A2.

The agency also raised the backed senior unsecured rating of Zhejiang Energy International Ltd., the issuing entity of Zhejiang Provincial Energy's medium-term note program, to (P)A2 from (P)A3.

"The rating upgrade reflects ZEG's high strategic importance to the Zhejiang government as the sole provincial energy platform and its dominant position in the energy sector within the province," said Ivy Poon, a Moody's vice president and senior analyst, in a press release.

"We expect the company's linkage with, and importance to, the provincial government to strengthen because ZEG is the key platform for the implementation of the province's 14th Five Year Plan for energy sector development," added Poon.

The outlook remains stable.

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