Moody’s rates ENN Energy bond Baa3

Moody’s Investors Service said it has assigned a Baa3 rating to ENN Energy Holdings Ltd.'s proposed senior unsecured dollar-denominated bond.

At the same time, Moody's said it has affirmed ENN's Baa3 issuer rating.

According to the agency, ENN plans to use the bond proceeds to fund its recent acquisition of the fuel stations and related retail businesses from China Petroleum & Chemical Corp. (Sinopec, Aa3 stable).

The outlook is stable.

"The proposed bond issuance, which will be used to fund the Sinopec acquisition, will not materially change the debt leverage of ENN," said Ivy Poon, a Moody's analyst.

"We expect ENN to maintain its projected credit metrics at levels similar to those in 2013, with modest improvement in 2015-2016."

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