S&P upgrades Yingde Gases

S&P said it raised the long-term issuer credit rating on Yingde Gases Group Co. Ltd. to B+ from B.

The agency also said it raised the rating on the company's guaranteed senior unsecured notes due in 2020 and 2023 to B+ from B.

The outlook is stable.

The upgrades reflect a view that Yingde's leverage will remain relatively low over the next 12 months, underpinned by its sound operating performance and disciplined capital expenditure, S&P said.

The agency said the company's debt-to-EBITDA ratio will remain lower than 2.5x over the next 12 months, consistent with the company's target, the agency said.

The company continues to generate strong cash flows, underpinned by its stable average selling price and an enlarged customer base owing to organic growth and acquisitions, S&P said.

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