Fitch rates China Resources bonds BBB+

Fitch Ratings said it assigned an expected BBB+ rating to China Resources Gas Group Ltd.'s proposed dollar-denominated bonds issued under its global medium-term notes program.

The proceeds will be used for the company's general corporate purposes, including for capital expenditure and merger and acquisitions, Fitch said.

The notes, once issued, will form the senior unsecured obligations of China Resources.

The ratings reflect the profitability and favorable growth prospects of its core gas distribution business in China, the agency said.

The ratings also consider a one-notch uplift for potential support from its immediate parent, China Resources Holdings Ltd. and the ultimate majority-owner, the China sovereign, Fitch said.

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