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S&P changes China Resources Gas to positive
S&P said it the outlook on China Resources Gas Group Ltd. to positive from stable and affirmed its BBB+ long-term corporate rating.
In line with the outlook revision, the agency raised the long-term Greater China regional scale rating to cnAA- from cnA+.
S&P said the outlook revision is based on China Resources Gas’ better-than-expected performance in 2016 and the expectation that the company's credit metrics will remain firmer going forward.
The agency estimates the ratio of funds from operations (FFO) to debt will be 41%-52% during 2017-2019. The improvement in China Resources Gas’ ratio of FFO to debt has mainly been driven by volume growth in gas sales, a stable dollar margin, and a disciplined capital expenditure (capex) and acquisition strategy, S&P explained.
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