Moody’s revises Zheneng Jinjiang to stable

Moody’s Investors Service said it affirmed Zheneng Jinjiang Environment Holding Co Ltd.’s Ba3 corporate family rating and the B1 senior unsecured rating on the company’s dollar-denominated bond.

The agency revised the outlook to stable from negative.”The revision of the ratings outlook to stable reflects our expectation that ZJE’s liquidity position and credit profile will stabilize following the acquisition of 29.79% shares of ZJE by Zhejiang Provincial Energy Group in August 2019, making the latter the single largest shareholder of ZJE,” said Ralph Ng, a Moody’s assistant vice president and analyst, in a news release.

"We expect that, as a minority-owned subsidiary of Zhejiang Provincial Energy Group, ZJE will benefit going forward from greater access to credit markets and lower financing costs,” added Ng.

Moody’s points out that Zhejiang Provincial Energy Group Co. Ltd. is a state-owned company with a much stronger credit profile when compared with ZJE.

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