S&P rates China Resources BBB+

Standard & Poor’s said it assigned a BBB+ long-term corporate credit rating on China Resources Gas Group Ltd., along with a cnA+ long-term Greater China regional scale rating.

The outlook is stable.

The ratings reflect the long concession periods for the company’s city gas distribution business, stable operating cash flows and large and geographically diversified projects, S&P said.

The company also benefits from ongoing parental support, the agency said.

Evolving regulations and significant capital expenditure temper these strengths. Therefore, the company’s stand-alone credit profile is assessed at BBB+, S&P said.

The company is considered a strategically important member of the China Resources group, which currently owns 64% of the company, the agency said.

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