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Fitch Affirms ENN Natural Gas' Long-Term Foreign-Currency Issuer Default Rating at BBB

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Fitch Ratings affirmed ENN Natural Gas' (SHA:600803) long-term foreign-currency issuer default rating at BBB on the benefits of stake ownership in ENN Energy (HKG:2688), strong geographic diversification, gas purchase advantages, and healthy finances.

ENN Natural Gas owns a 34.26% stake in ENN Energy.

Fitch expects retail gas sales volume to rise in low single digits in the 2026-2029 period after registering a 1.5% retail growth in 2025, the debt watcher said in a note Tuesday.

The natural gas company expects higher margins from its platform gas sales amid the effects of the war in Iran, while ENN Energy's gas distribution division could only see mild pressure on dollar margins.

ENN Natural Gas also faces greater price and volume risks compared with city-gas distribution, Fitch said.

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