Moody's boosts China Resources Gas

Moody's Investors Service said it upgraded the issuer and senior unsecured debt ratings of China Resources Gas Group Ltd. to A2 from A3 and the senior unsecured medium-term note (MTN) program rating to (P)A2 from (P)A3. Moody's has also changed the outlook to stable from positive.

"The upgrade reflects CR Gas' improved credit profile and strong financial metrics, supported by a solid operating performance and low debt level as well as an improving regulatory environment for the gas sector," said Ralph Ng, a Moody's vice president and senior analyst, in a press release.

The revised outlook reflects an expectation, the agency said, that CR Gas' credit profile and the regulatory environment will remain stable, and the company will continue to receive the same level of support from its parent, China Resources (Holdings) Co. Ltd., over the next 12-18 months.

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