Fitch Affirms ENN Energy's BBB+ Rating, Stable Outlook
Fitch Ratings affirmed ENN Energy's (HKG:2688) long-term issuer default rating, senior unsecured rating, and U.S. dollar senior unsecured notes rating at BBB+ with a stable outlook.The ratings agency said the assessment reflects ENN Energy's position as a leading city-gas distributor in China, supported by stable earnings, diversified operations, and strong financial metrics.Fitch expects ENN Energy's retail gas sales volume to grow at a low-single-digit pace through 2029 and said that higher liquefied natural gas prices resulting from the Iran conflict should have only a limited impact on margins.The agency also forecast annual growth of 8% to 10% in the company's integrated energy business through 2029 and expects EBITDA net leverage to remain at 1.3x to 1.4% over the medium term.