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2007-5-16 09:00:00 a.m. HKT, XFNA
China's Panva Gas 'Ba1' corporate rating affirmed - Moody's
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BEIJING (XFN-ASIA) - Moody's Investors Service said it has affirmed Panva
Gas Holdings Ltd's ""Ba1"" corporate family and senior unsecured bond ratings,
with the outlook on both ratings positive.
The affirmation follows Panva's fully underwritten proposed 703 mln hkd
share offering. The major shareholders, including The Hong Kong and China Gas
(China) Ltd and Enerchina Holdings Ltd, will participate to maintain their
stake levels, Moody's said in the note to investors.
""While the share placement will allow Panva Gas to reduce its leverage
and improve liquidity, such benefits have been offset by the weaker than
expected operating results for fiscal year 2006,"" said Moody's analyst
Virginia Chung.
(1 usd = 7.8 hkd)
andrew.pasek@xinhuafinance.com xfnap/xfntm
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