Hong Kong-Based Panva Gas Holdings Ltd. Placed On CreditWatch Positive On Acquisition Plan Dec 06

  • ID: 1858394
  • December 2006
  • Standard & Poors
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  • Towngas China Co. Ltd.
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HONG KONG (Standard & Poor's) Dec. 5, 2006--Standard & Poor's Ratings Services said today that it had placed its 'BB' corporate credit rating on Panva Gas Holdings Ltd. (Panva) on CreditWatch with positive implications following an announcement that the company plans to acquire 10 piped gas projects from Hong Kong & China Gas Co. Ltd. (Towngas) by issuing 772.9 million common shares to Towngas. At the same time, the 'BB' issue ratings on US$50 million convertible bonds due 2008 and US$200 million senior unsecured notes due 2011 were also placed on CreditWatch with positive implications. The CreditWatch placements reflect the potentially positive impact of the proposed acquisitions on Panva's business and financial profiles. Towngas is the dominant piped gas supplier...

Companies mentioned in this report are: Towngas China Co. Ltd.
Action: On CreditWatch:Positive

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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Towngas China Co. Ltd.

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