Osaka Gas 20 bln yen bond issue rated 'Aa2' with stable outlook - Moody's |
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Published
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Tue, 16 Oct 2007 07:48
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MUMBAI (Thomson Financial) - Moody's Investors Service assigned an 'Aa2' long-term rating with stable outlook to Osaka Gas Co Ltd's 20 bln yen 1.59 pct bonds due 2014.The agency said the rating reflects Osaka Gas' prominent franchise and stable earnings, and also incorporates the implications from the liberalisation of Japan's gas market.According to Moody's, Osaka Gas is likely to receive strong regulatory and government support due to its significant role in the national economy.Osaka Gas has an effective monopoly over most of the Kansai region -- the second-largest economic zone in Japan -- given the significant entry barriers on Japan's gas market.The Japanese government is now slowly liberalising the gas industry, but Moody's does not expect this to pose serious threats to Osaka Gas' strong franchise, and said the company should maintain its strong credit profile.TFN.newsdesk@thomson.comjroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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