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Bulletin: Towngas China Co. Ltd.'s Proposed Disposal Of Its LPG Business Has No Immediate Rating Impact Apr 09
Standard & Poors, April 2009
Abstract
HONG KONG (Standard & Poor's) April 3, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Towngas China Co. Ltd. (TCCL, BBB-/Stable/--) are not immediately affected by the company's proposal to dispose of all of its liquefied petroleum gas (LPG) business to a company whose major shareholders have connections to TCCL. In our view, the disposal of the volatile and low-margin LPG business is consistent with TCCL's strategy of focusing on its core piped-gas business in China. In the short term, TCCL's credit metrics will weaken slightly, as the LPG business carries very little debt and is profit making. We believe these metrics will gradually improve, as the company increases sales from its more stable piped-gas...
Companies mentioned in this report are: 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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