Moody's rates ENN Clean Energy notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to the proposed dollar-denominated senior unsecured notes to be issued by ENN Clean Energy International Investment Ltd., a wholly owned subsidiary of ENN Ecological Holdings Co., Ltd.

The notes are unconditionally and irrevocably guaranteed by ENN Ecological.

The outlook is stable.

The bond rating reflects an expectation that ENN Ecological

The proceeds will be used for general business development, including onshore and offshore project investments, Moody's said.

The proposed notes will have no impact on ENN Ecological's rating given that the proceeds will be mainly used for de-leveraging and there will be no change to the expectation of improved debt leverage through the reduction in debt and the growth in earnings, the agency said.

The proposed notes will improve ENN Ecological's liquidity position and debt-maturity profile, Moody's said.

The company is expected to grow its revenue through 2019, mainly driven by a growing demand for natural gas infrastructure construction, the agency said.

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