Fitch assigns ENN Natural Gas notes BBB-

Fitch Ratings said it assigned a BBB- rating to ENN Natural Gas Co., Ltd.'s planned senior unsecured dollar-denominated notes. The notes will be issued by ENN Clean Energy International Investment Ltd., an indirectly wholly owned subsidiary of ENN Natural Gas, which will guarantee the notes.

“Fitch assesses the legal and operating linkages between ENN-NG and its 32.7%-owned subsidiary, ENN Energy Holdings Ltd. (ENN Energy, BBB/stable), as ‘moderate’ based on our parent and subsidiary linkage (PSL) rating criteria. Fitch rates ENN-NG, formerly known as ENN Ecological Holdings Co., Ltd., a notch below the consolidated group credit profile at BBB- under a variation from the PSL criteria. ENN-NG will have access to more than its 32.7% share of ENN Energy's cash flows through increasing operational integration, but there are some limits on cash leakages, which result in partial subordination to ENN-NG's creditors,” the agency said in a press release.

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