Moody's lifts China Resources view to positive

Moody's Investors Service said it changed the outlook on China Resources Gas Group Ltd. to positive from stable.

The agency also said it affirmed the company's Baa1 long-term issuer rating, provisional Baa1 senior unsecured medium-term notes program rating and Baa1 senior unsecured debt rating.

The outlook revision reflects the company's strengthened standalone credit profile, underpinned by its robust operating performance and improving credit metrics, Moody's said.

The company is expected to maintain its prudent financial policy and improved financial metrics over the next two years while the impact of the new distribution tariff mechanism should also be manageable, the agency said.

The positive outlook considers an expectation that China Resources will continue to achieve strong organic growth in gas sales volumes at an annual growth rate of 10% over the next two years, Moody's said.

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