|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Towngas China Co. Ltd. Ratings Unaffected By Proposed Acquisition Dec 07
Standard & Poors, Dec 2007
Abstract
HONG KONG (Standard & Poor's) Dec. 12, 2007--Standard & Poor's Ratings Services said today that its foreign-currency issuer rating and outlook on Towngas China Co. Ltd. (TCCL; BBB-/Stable/--), and its 'BBB-' issue rating on TCCL, were unaffected by the company's recent announcement that it will acquire Tianneng Gas Ltd. from Shenzhen Huafu Energy Investment Ltd. for Chinese renminbi 350 million. The acquisition will be funded by internal resources. The transaction is subject to government approval. The impact of the transaction on TCCL's financial flexibility should be immaterial. TCCL had cash on hand of Hong Kong dollar 1.3 billion at the end of June 2007. The acquisition--equivalent to about 4% of TCCL's total assets at the same date--could further strengthen its...
Companies mentioned in this report are: Towngas China Co. Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
