Bulletin: Hong Kong And China Gas Co. Ltd. Rating Unaffected By Stake Purchase Of Towngas China Nov 10
- ID: 1856854
- November 2010
- Region: China, Hong Kong
- Standard & Poors
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.
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