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BULLETIN: 'BB+' Rating on China's Panva Gas Unaffected by Announcement of Equity Issue Dec 03
Standard & Poors, Dec 2003
Abstract
HONG KONG (Standard & Poor's) Dec. 8, 2003--Standard & Poor's Ratings Services said today that its foreign currency rating on Panva Gas Holdings Ltd. (BB+/Stable/--) would not be affected by the company's recent announcement of a Hong Kong dollar (HK$) 620.8 million equity issue. The size of the issue is substantial compared with the company's total equity (including minority interest) of HK$564.3 million as at June 30, 2003, and will significantly improve its overall capital structure. However, the company is expected to grow quickly over the next few years, a factor that is likely to challenge its ability to manage its planned investments. Despite such challenges, the company's financial management is prudent and any substantial weakening of creditor protection measures...
Companies mentioned in this report are: Towngas China Co. Ltd.
Action: S&P Event
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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