Fitch assigns China Resources Gas BBB+

Fitch Ratings said it assigned China Resources Gas Group Ltd. a long-term foreign-currency issuer default rating of BBB+ and a foreign-currency senior unsecured rating of BBB+.

The outlook is stable.

The ratings reflect the profitability of its core gas distribution business in China, favorable growth prospects of the gas industry and the company's strong financial profile, Fitch said.

The ratings also incorporate a one-notch uplift for potential support from its immediate parent, China Resources Holdings Ltd. and the ultimate majority-owner, the Chinese government, the agency said.

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