Fitch rates ENN notes BB

Fitch Ratings said it assigned an expected rating of BB to ENN Ecological Holdings Co., Ltd.'s proposed senior unsecured notes.

The proposed notes will be issued by ENN Clean Energy International Investment Ltd., which is wholly owned by Xinneng (Hong Kong) Energy Investment Ltd., which is a wholly owned subsidiary of ENN EC.

The proposed notes will be guaranteed by ENN EC and will be the company's senior unsecured obligations and rank pari passu with all its other unsecured, unsubordinated obligations, Fitch said.

The proceeds will be used for general corporate purposes, including repayment of existing debt, the agency noted.

The rating reflects ENN EC's moderate financial profile and diversified – yet evolving – business profile, Fitch said.

The stable outlook reflects our expectation that ENN EC will maintain a prudent financial policy in executing its growth strategy by keeping FFO adjusted net leverage below 3.5x over the medium term.

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