Fitch turns ENN outlook to positive

Fitch Ratings said it revised the outlook on ENN Natural Gas Co., Ltd. (ENN-NG) to positive from stable and affirmed its long-term issuer default rating BBB-. The agency also affirmed the BBB- rating on the $800 million of 3 5/8% senior unsecured notes issued by ENN Clean Energy International Investment Ltd. ENN-NG indirectly holds 100% of ENN Clean Energy and guarantees the U.S. dollar-denominated notes.

Concurrently, Fitch revised the outlook on ENN-NG's 32.7%-owned subsidiary ENN Energy Holdings Ltd. to positive from stable and affirmed its long-term IDR, senior unsecured rating and the ratings on the U.S. dollar senior unsecured notes at BBB+.

“The positive outlook on both companies reflects their strengthened financial profiles after a profitable 2022 and a sustained deleveraging trend based on organic business growth and positive free cash flow (FCF) rather than further trading profits on liquefied natural gas (LNG) in the medium term. Downside risk mainly comes from underperformance of businesses due to a weak economy,” Fitch said in a press release.

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