Moody's affirms Panva Gas

Moody's Investors Service said it affirmed Panva Gas Holdings Ltd.'s Ba1 corporate family and senior unsecured bond ratings.

The outlook remains positive.

The affirmation follows Panva Gas' fully underwritten proposed HK$703 million share offering. The major shareholders, including The Hong Kong and China Gas Ltd. and Enerchina Holdings Ltd., will participate to maintain their existing ownership stake, the agency said.

While the share placement will allow Panva Gas to reduce its leverage and improve liquidity, Moody's said, such benefits have been offset by the weaker-than-expected operating results for fiscal year 2006.

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