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Moody’s upgrades ENN Natural Gas to Ba1
Moody’s Investors Service said it upgraded ENN Natural Gas Co. Ltd.’s corporate family rating to Ba1 from Ba2 and upgraded senior unsecured notes issued by ENN Clean Energy International Investment Ltd. and guaranteed by ENN Natural Gas to Ba1 from Ba2.
Moody’s said the upgrade follows ENN’s collection of proceeds from a share placement of 245.9 million new shares on Jan. 21, representing 9.5% of the company’s share capital.
“The rating upgrades reflect ENN Natural Gas’s improved liquidity position and financial metrics upon completion of the share placement,” said Boris Kan, a Moody’s vice president and senior credit officer, in the release.
The outlook is positive.
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