Rating agency Fitch has upgraded ENN Natural Gas Co., Ltd.'s long-term foreign currency issuer default rating from BBB- to BBB with a stable outlook. Fitch has also upgraded the rating of the $800 million senior unsecured notes with a 3.375% coupon issued by ENN Clean Energy International Investment Limited, a wholly-owned subsidiary of ENN Natural Gas Co., Ltd., from BBB- to BBB. These notes are guaranteed by ENN Natural Gas Co., Ltd.

Fitch has revised the outlook of ENN Natural Gas Co., Ltd.'s subsidiary, ENN Energy Holdings Ltd. (02688.HK), in which it holds 33.98%, from positive to stable and affirmed its long-term issuer default rating, senior unsecured rating, and senior unsecured US dollar bond rating at BBB+.

The rating for ENN Natural Gas Co., Ltd. reflects its standalone credit profile, which is at the same level as the group's consolidated credit profile. Due to lower-than-expected natural gas sales volume in 2023, the deleveraging process of ENN Energy Holdings Ltd. was slightly impeded, causing a slight increase in its leverage ratio. Therefore, Fitch has made adjustments to the company's rating outlook.