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The Hong Kong and China Gas Company Limited -- Moody's assigns A3 to Hong Kong and China Gas' proposed hybrid securities

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. "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.