Moody's assigns Baa1 to China Resources Gas MTNs

Moody's Investors Service said it assigned a Baa1 rating to the $750 million senior unsecured notes due 2022 issued by the China Resources Gas Group Ltd.

The issuance is under CR Gas' $1.5 billion global medium-term note program, which is rated Baa1.

The Baa2 stand-alone rating of CR Gas continues to reflect its leading position as China's city gas operator, its geographically diversified gas projects, and the strong operating support provided by its parent, Moody's said.

At the same time, Moody's said the rating is constrained by the company's ambitious expansion plans, short operating track record, as well as risks associated with the evolving regulatory and operating environment in China.

The final Baa1 issuer rating incorporates a one-notch uplift due to expected support from CR Gas's parent, China Resources Holdings, in case of financial difficulties.

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