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Rating Action:

Moody's assigns A3 to Hong Kong and China Gas' proposed hybrid securities

30 Jan 2019

Hong Kong, January 30, 2019 -- Moody's Investors Service has assigned an A3 rating to the proposed perpetual subordinated guaranteed capital securities to be guaranteed by The Hong Kong and China Gas Company Limited (HKCG, A1 stable) and to be issued by its wholly owned subsidiary, Towngas (Finance) Limited.

The rating outlook is stable.

The proceeds of the planned hybrid instruments will be used to refinance existing debt and for general corporate purposes.

RATINGS RATIONALE

"We consider the proposed perpetual securities as hybrid securities which will not have a financial impact on HKCG and will be deeply subordinated to its senior unsecured debt," says Boris Kan, a Moody's Vice President and Senior Credit Officer.

The proposed issuance will have no financial impact on HKCG because the amount of the proposed perpetual securities — if successfully issued — will be small relative to HKCG's total adjusted debt of about HKD42 billion at 30 June 2018. Furthermore, part of the proceeds from the issuance will be used to repay existing debt.

Moody's expects that — after the issuance of the proposed perpetual securities — HKCG will maintain its adjusted funds from operations (FFO)/debt at around 24.5-25.5% and FFO/interest cover at around 6.5-7.0x over the next 12-18 months, levels which will support HKCG's A1 issuer rating.

Although the proposed perpetual securities have provisions allowing for the deferral of coupon payments, Moody's believes such deferrals as unlikely because HKCG has a strong financial profile with FFO/interest cover at around 6.5-7.0x. Furthermore, coupon deferrals will restrict HKCG's ability to make dividend payments.

The A3 rating reflects the fact that the proposed perpetual securities will be subordinated to the claims of all other present and future creditors of HKCG and its subsidiaries.

Moody's will apply a 50% equity treatment to the proposed perpetual securities.

HKCG's stable ratings outlook reflects Moody's expectation that the company will generate a significant part of its cash flow from its stable Hong Kong operations, while it continues to execute its growth strategies in China with manageable capital spending in the domestic gas market, against the backdrop of an improving regulatory environment.

A near-term rating upgrade is unlikely, given the company's business model, financial profile and capital spending levels.

However, a positive rating trend could develop in the long term if the company demonstrates (1) a track record of quality execution on its new energy investments, with significant and predictable cash flow; and (2) a clear trend of a slowdown in capital spending.

Financial metrics indicative of an upgrade trend include FFO/interest cover exceeding 8.0x and FFO/debt above 35% on a sustained basis.

Downward rating pressure may arise if the company does not pass on — through its tariff adjustments — rising costs in its gas business in Hong Kong and China. However, Moody's sees this as unlikely in the near term.

Downward rating pressure will also arise, if capital spending further accelerates from the current levels.

Other downward rating pressures include an increase in the company's overall business risk profile, indicators of which would include: (1) a majority of the company's FFO coming from Mainland China; and (2) a significant profit contribution coming from the new energy business.

Financial metrics indicative of downward pressure include FFO/interest cover falling below 5.0x and FFO/debt below 22% over time.

The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The Hong Kong and China Gas Co Ltd (HKCG) — listed on the Hong Kong Stock Exchange — is mainly engaged in the production and distribution of gas, marketing of gas and appliances, and comprehensive after-sales services in Hong Kong and China.

The company also operates aviation fuel facilities for the Hong Kong International Airport, and owns a 15.8% stake in the International Finance Centre complex in Hong Kong.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Boris Kan
VP - Senior Credit Officer
Project & Infrastructure Finance
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Terry Fanous
MD-Public Proj & Infstr Fin
Project & Infrastructure Finance
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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​

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