Fitch upgrades ENN Energy

Fitch Ratings said it upgraded ENN Energy Holdings Ltd.'s long-term issuer default rating to BBB+ from BBB with a stable outlook. The agency simultaneously raised ENN Energy's senior unsecured rating and the ratings on its U.S. dollar senior unsecured notes to BBB+ from BBB.

All the ratings have been removed from under criteria observation, Fitch said.

“The upgrade follows a re-assessment of ENN Energy's ratings based on Fitch's new parent and subsidiary linkage (PSL) rating criteria, published on Dec. 1, 2021. Under the new criteria, ENN Energy and its parent ENN Natural Gas Co., Ltd. (ENN-NG; BBB-/stable) follow the ‘stronger subsidiary’ path. ENN Energy is now rated one notch above the consolidated group credit profile, which is at the same level as ENN Energy's stand-alone credit profile, reflecting 'open' legal ring-fencing and the parent's 'porous' access to and control of ENN Energy's cash and other assets,” the agency said in a press release.

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