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Summary: Towngas China Co. Ltd. Jun 11

Description:
Abstract
The rating on Towngas China Co. Ltd. (TCCL) reflects the company's stand-alone credit profile of 'bb' and a three-notch uplift due to strong parental support from Hong Kong and China Gas Co. Ltd. (HKCG; A+/Stable/--; cnAAA). TCCL's stand-alone credit profile reflects our view of the strong demand and growth potential for piped gas in China, and the captive market for the company's secured city-gas projects. Regulatory risks in China, TCCL's high reliance on income from connection fees, and the company's significant financial risk profile partly offset the above strengths. TCCL benefits from the Chinese government's encouragement of the development and use of clean energy, the country's still low gas penetration rate, and the increasing demand for piped gas. Continued urbanization...

Companies mentioned in this report are: Towngas China Co. Ltd.
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.
 
Companies Mentioned
Towngas China Co. Ltd.
 
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