Towngas China Co. Ltd. Ratings Raised To 'BBB' On Completion Of Parent Asset Injection; Outlook Stable Jul 10

Standard & Poors, July 2010

Abstract
TCCL is a step closer to further integrating into the wider Towngas group after its parent completed an asset injection. The injection has increased TCCL's strategic importance to the group and is marginally positive for the company's stand-alone credit profile. We raised the long-term foreign-currency corporate credit rating on TCCL and the issue rating on its senior unsecured notes to 'BBB' from 'BBB-'. We removed the ratings from CreditWatch with positive implications. The rating outlook on TCCL is stable. HONG KONG (Standard & Poor's) July 28, 2010--Standard & Poor's Ratings Services said today that it had raised its long-term foreign currency corporate credit rating on Towngas China Co. Ltd. (TCCL) to 'BBB' from 'BBB-'. The outlook on the rating is...

Companies mentioned in this report are: Towngas China Co. Ltd.
Action: Outlook: Stable
Action: Removed From CreditWatch
Action: Upgraded

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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.

Towngas China Co. Ltd.

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