Binhai Investment Company Ltd
Moody’s Expects Binhai Investment Revenue Growth and Assigns First-time Baa3 Corporate Family Rating with Stable Outlook
Immediate Release 26 March 2015 (Stock code: 2886.HK) Moody’s Expects Binhai Investment Revenue Growth and (26 March 2015 – Hong Kong) Binhai Investment Company Limited (“BICL” or the “Group”, stock code: 2886.HK) is pleased to announce that Moody’s Investors Service (“Moody’s”), a leading provider of credit ratings, research, and risk analysis, has assigned first-time Baa3 corporate family rating to Binhai Investment. The Outlook is “Stable”. According to Moody’s, the Baa3 rating is underpinned by BICL’s strong growth momentum in Tianjin Binhai New Area and the favorable market dynamics, which support the resilience of its revenue growth. Moody’s expects BICL will improve gas sales revenue as BICL’s customers ramp up their operations. Moody’s expects BICL’s adjusted funds from operations/debt to improve to 10%-14% over the next three years from 9% at end-2013. In addition, debt/capitalization will likely decrease to below 70% in the next three years from 75% in 2013. The rating outlook is stable, reflecting Moody’s expectation that BICL’s business profile will remain stable and growing, capital expenditure will remain manageable in the next 2-3 years with minimal cost, and there is continuous strong support from its parent, Tianjin TEDA Investment Holding Co., Ltd.. Mr. Zhang Binjun, Chairman of BICL, said, “BICL is the exclusive local company which has received international credit rating in Tianjin. The rating is full recognition of our corporate governance, operation achievement and comprehensive strength. As the important supplier of clean energy in Binhai New Area, we will seize multiple opportunities in terms of collaborative development of Beijing-Tianjin-Hebei, approvals of free trade experimental area and national independent innovation demonstration zones in Tianjin and energy liberation in Binhai New Area. We will continue to push forward our prudent financial management and focus on further lowering our financing costs to enhance our financing capacity, improve our management and raise TEDA Brand value in global capital market, so as to generate better returns to our shareholders.” ~End~ 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=RRYCCQNHGO Document title: Moody’s Expects Binhai Investment Revenue Growth and Assigns First-time Baa3 Corporate Family Rating with Stable Outlook Key word(s): Miscellaneous 26/03/2015 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 |
337997 26/03/2015 UTC+8 |