Binhai Investment Company Ltd
BINHAI INV: Fitch Ratings Assigns First-time ‘BBB-‘ Credit Rating to Binhai Investment with Stable Outlook
Immediate Release 23 April 2015 (Stock code: 2886.HK) Fitch Ratings Assigns First-time ‘BBB-‘ Credit Rating to Binhai Investment with Stable Outlook (23 April 2015 – Hong Kong) Binhai Investment Company Limited (“BICL” or the “Group”, stock code: 2886.HK) is pleased to announce that Fitch Ratings Inc., a leading provider of credit ratings, research, and risk analysis, has assigned first-time ‘BBB-‘ to Binhai Investment. The Outlook is Stable. Fitch has also assigned Binhai’s proposed senior unsecured bond an expected rating of ‘BBB- (EXP)’ According to Fitch Ratings, the ‘BBB-‘ rating is underpinned by Binhai’s strong support from its immediate parent, TEDA Investment Holding Company Ltd (TEDA), which owns 59.29% of Binhai, and its ultimate parent, the Tianjin municipality. Around 40% of Binhai’s gas volume is sold to TEDA group companies. Besides, Tianjin’s city gas market is very perspective, and BICL’s operation in Tianjing area owns competitive landscape, with market occupation of 70% locally in terms of revenue. Fitch Ratings believes this small, geographically concentration contributes great revenue to its operations. The ability to pass through gas cost increases stems from the country’s target to increase the share of natural gas in its energy mix. Fitch Rating showed that, as a city gas operator, expected financial credit metrics. The rating outlook is stable, reflecting Fitch’s expectation that BICL’s business profile will remain stable and growing, capital expenditure will remain manageable with minimal cost, and there is continuous strong support from its parent, Tianjin TEDA Investment Holding Co., Ltd.. ~End~ About Binhai Investment Company Limited (Stock code: 2886.HK) This press release is distributed by Wonderful Sky Limited on behalf of Binhai Investment Company Limited. For details, please contact: Wonderful Sky Financial Group Limited End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=ARCXICEOEX Document title: BINHAI INV: Fitch Ratings Assigns First-time ‘BBB-‘ Credit Rating to Binhai Investment with Stable Outlook Key word(s): Miscellaneous 23/04/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
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