In Brief

PUBLISHED : Friday, 24 August, 2007, 12:00am
UPDATED : Friday, 24 August, 2007, 12:00am


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S&P's upgrades long-term rating of Towngas China

Standard & Poor's Ratings Services upgraded the long-term credit rating of piped-gas supplier Towngas China, a Hong Kong and China Gas associate, to an investment grade. The agency lifted the rating to BBB-minus, the lowest investment grade, from BB-plus, a non-investment grade, due to 'positive development'. The credit rating of Towngas China's two issues - a US$50 million convertible bond due next year and a US$200 million senior unsecured note due in 2011- was also raised to BBB-minus from BB-plus. Denise Tsang