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2007-12-12 03:04:00 p.m. HKT, XFNA
HK-listed Towngas China 'BBB-' ratings unaffected by acquisition - S&P
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HONG KONG (XFN-ASIA) - Standard & Poor's ratings services said its
foreign-currency issuer rating and outlook on Towngas China Co (1083.HK) and
its 'BBB-' issue rating on Towngas China, were unaffected by the company's
recent announcement that it will acquire Tianneng Gas Ltd for 350 mln yuan.
S&P said the impact of the transaction on Towngas China's financial
flexibility should be immaterial. It noted that Towngas China had cash on
hand of 1.3 bln hkd at the end of June 2007.
""The acquisition--equivalent to about 4 pct of Towngas China's total
assets at the same date--could further strengthen its piped gas business in
Sichuan province,"" it added.
roby.lau@xfn.com
rl/kmq xfnrl/xfnkm
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