OREANDA-NEWS. Fitch Ratings has affirmed city piped gas distributor China Resources Gas Group Limited's (CRG) Long-Term Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook. CRG's senior unsecured rating is also affirmed at 'BBB+'.

CRG's IDR incorporates a one-notch uplift for potential support from its immediate parent, China Resources Holdings Limited (CRH), which owns 64% of CRG. CRH is wholly owned by the State-owned Assets Supervision and Administration Commission (SASAC) of China (A+/Stable). CRG's standalone 'BBB' rating reflects its diversified operations, its strong credit metrics and liquidity, robust industry fundamentals as well as risks associated with the city gas industry in China.