ENN Ecological has announced a draft proposal for the purchase of 32.8% ENN Energy Holdings Ltd. (02688) shares from its chairman, Mr. Wang. The completion of the reorganization is contingent on approvals from the board and shareholder, as well as from relevant governments and regulatory authorities.
S&P Global Ratings believes the proposed reorganization will have a negative impact on the credit rating on ENN Energy because of a weaker group credit profile.
The credit rating agency thus placed on CreditWatch with negative implications its 'BBB+' long-term issuer credit rating on ENN Energy and the 'BBB+' long-term issue credit rating on the notes the company issued.
S&P aims to resolve the CreditWatch once we have received and analyzed adequate information on ENN Ecological and potentially other shareholders of ENN Ecological. It will then assess the group credit profile and its impact on ENN Energy's creditworthiness.
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