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Bulletin: Hong Kong And China Gas Co. Ltd. Rating Unaffected By Stake Purchase Of Towngas China Nov 10
Standard & Poors, Nov 2010
Abstract
HONG KONG (Standard & Poor's) Nov. 15, 2010--Standard & Poor's Ratings Services said today that its ratings and outlook on Hong Kong and China Gas Co. Ltd. (Towngas; A+/Stable/--) and its subsidiary Towngas China Co. Ltd. (TCCL, foreign currency BBB/Stable/--) are not immediately affected by the increase in Towngas' stake in TCCL. In our view, Towngas' action further demonstrates its strategy of increasing its control of TCCL. This, together with the asset injections from Towngas, further increased the strategic importance of TCCL to the group; that importance is reflected in our three-notch uplift from the parent company support in the rating on TCCL. On Nov. 13, 2010, Towngas, through its 100%-owned subsidiary Hong Kong & China Gas (China) Ltd., increased...
Companies mentioned in this report are: Hong Kong and China Gas Co. Ltd. (The),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.
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