(EQS-News / 26/03/2015 / 19:45 UTC+8)
Immediate Release 26 March 2015
(Stock code: 2886.HK)
Moody's Expects Binhai Investment Revenue Growth and
Assigns First-time Baa3 Corporate Family Rating with Stable Outlook
(26 March 2015 - Hong Kong) Binhai Investment Company Limited ("BICL" or
the "Group", stock code: 2886.HK) is pleased to announce that Moody's
Investors Service ("Moody's"), a leading provider of credit ratings,
research, and risk analysis, has assigned first-time Baa3 corporate family
rating to Binhai Investment. The Outlook is "Stable".
According to Moody's, the Baa3 rating is underpinned by BICL's strong
growth momentum in Tianjin Binhai New Area and the favorable market
dynamics, which support the resilience of its revenue growth. Moody's
expects BICL will improve gas sales revenue as BICL's customers ramp up
their operations. Moody's expects BICL's adjusted funds from
operations/debt to improve to 10%-14% over the next three years from 9% at
end-2013. In addition, debt/capitalization will likely decrease to below
70% in the next three years from 75% in 2013.
The rating outlook is stable, reflecting Moody's expectation that BICL's
business profile will remain stable and growing, capital expenditure will
remain manageable in the next 2-3 years with minimal cost, and there is
continuous strong support from its parent, Tianjin TEDA Investment Holding
Co., Ltd..
Mr. Zhang Binjun, Chairman of BICL, said, "BICL is the exclusive local
company which has received international credit rating in Tianjin. The
rating is full recognition of our corporate governance, operation
achievement and comprehensive strength. As the important supplier of clean
energy in Binhai New Area, we will seize multiple opportunities in terms of
collaborative development of Beijing-Tianjin-Hebei, approvals of free trade
experimental area and national independent innovation demonstration zones
in Tianjin and energy liberation in Binhai New Area. We will continue to
push forward our prudent financial management and focus on further lowering
our financing costs to enhance our financing capacity, improve our
management and raise TEDA Brand value in global capital market, so as to
generate better returns to our shareholders."
End
About Binhai Investment Company Limited (Stock code: 2886.HK)
Binhai Investment Company Limited is principally engaged in the provision
of connection services for its gas pipeline networks and sale of gases in
the PRC. The Company listed on the main board in Hong Kong on 11 February
2014 (Stock code: 2886). Its market coverage reaches over 6 provinces and 2
cities. With the benefits of the abundant resources in Tianjin, the
economic center in Bohai Rim area, and leveraging on the rapid development
in Binhai New Area, the Company ties in with the thriving development in
Binhai New area with a brand new image to strengthen its principal
operation, gas business, expand business scale and foster organic growth.
For detailed information of the Company, please visit the website of the
Company at http://www.binhaiinv.com
This press release is distributed by Wonderful Sky Limited on behalf of
Binhai Investment Company Limited.
For details, please contact:
Wonderful Sky Financial Group Limited
Sabrina Lu / Linda Liang
Tel: (852) 2851 1038
Fax: (852) 2598 1588
Email: sabrinalu@wsfg.hk / lindaliang@wsfg.hk
End of Press Release
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Document: http://n.equitystory.com/c/fncls.ssp?u=RRYCCQNHGO
Document title: Moody's Expects Binhai Investment Revenue Growth and
Assigns First-time Baa3 Corporate Family Rating with Stable Outlook
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(END) Dow Jones Newswires
March 26, 2015 07:45 ET (11:45 GMT)
