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Summary: Towngas China Co. Ltd. Mar 09
Standard & Poors, March 2009
Abstract
The rating on Towngas China Co. Ltd. (TCCL) reflects strong demand and growth potential for piped natural gas, and the captive market of secured piped-gas projects. It also reflects the strong support that the company derives from being an associate of the Hong Kong and China Gas Co. Ltd. (Towngas, A+/Stable/--). These strengths are partly offset by uncertain regulatory risk in China, the company's still weak standalone financial profile, and its large exposure to low-margin liquefied petroleum gas (LPG) operations. TCCL benefits from the Chinese government's encouragement of the development and use of clean energy, and the attractive outlook for China's gas distribution industry over the medium to long term, because of increasing demand for piped gas as the economy...
Companies mentioned in this report are: Towngas China Co. Ltd.,Hong Kong and China Gas Co. Ltd. (The)
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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