Moody's gives Baa1 to Towngas notes

Moody's Investors Service said it gave a Baa1 senior unsecured rating to the drawdown under the medium-term note program issued by TCCL (Finance) Ltd., a wholly-owned subsidiary of Towngas Smart Energy Co. Ltd. (TSEL). The notes to be drawn down under the MTN program will be guaranteed by TSEL, which Moody’s rates Baa1.

TSEL will use the proceeds to refinance debt and fund future capital expenditure, as well as for general corporate purposes.

"TSEL's overall credit profile will not be materially affected following the drawdown under the program because we expect most of the proceeds of future drawdowns will be used for refinancing its existing debt," said Boris Kan, a Moody's vice president and senior credit officer, in a press release.

The outlook is stable.

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