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Moody's could lift CR Power
Moody's Investors Service said it placed the Baa2 corporate family rating and Baa3 issuer rating of China Resources Power Holdings Co. Ltd. (CR Power), and the ratings of the debt guaranteed by CR Power, on review for possible upgrade.
At the same time, Moody's affirmed the Baa1 issuer rating of China Resources Gas Group Ltd. (CR Gas) and the provisional Baa1 rating for its $1.5 billion global medium-term note program.
The outlook remains stable.
Moody's said the actions are in response to the proposed merger of CR Gas and CR Power announced on May 10.
The proposed merger will be conducted via a share swap. Upon its completion, expected by July 31, CR Gas will become a wholly owned subsidiary of CR Power and will withdraw its own listing status.
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