Fitch leaves China Resources Gas Group ratings unchanged

Fitch Ratings said the acquisition by China Resources Gas Group Ltd. (BBB+/stable) of AEI China Gas Ltd. has no impact on the current ratings.

The acquisition is in line with China Resources Gas' stated growth plans, the agency said, and the assets acquired, although small relative to the overall group, should benefit the business profile in the long term.

China Resources Gas' ratings reflect the profitability of its core gas distribution business in China, the favorable growth prospects of the gas industry and a strong financial profile, Fitch said. The ratings also incorporate a single-notch uplift for potential support from immediate parent China Resources Holdings.

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