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BULLETIN: China's Panva Gas Unaffected by Higher Tax on Pipeline Connection Fees May 03
Standard & Poors, May 2003
Abstract
HONG KONG (Standard & Poor's) May 21, 2003--Standard & Poor's Ratings Services said today that its rating on Panva Gas Holdings Ltd. (foreign currency rating; BB+/Stable/--) would not be affected by an alteration to tax rules that govern mainland China's pipeline connection fees. An existing 3% business sales tax will be replaced by a 13% value added tax. Standard & Poor's expects that Panva Gas will be able to pass on some of this tax to customers, while offsetting part with tax credits paid on the company's raw material purchases. As a result, Panva Gas may incur a slight reduction in gross margin on its pipeline connection revenue. Even if Panva Gas is unable to pass on or offset the...
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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