On Oct. 9, 2019, Yingde Gases Group Co. Ltd. was ungraded to "BB-" on sustained financila discpline and low leverage by S&P.
S&P expects the finacila policy of Yingde Gases remain prudent such that the company's credit metrics will not materially deviate from their forecasts onver the next 12 months. The China-based industrial gas supplier's leverage will remain relatively loew owing to its good operating performance and disciplined capital expenditure over this period.
The stable outlook given by S&P reflects their expectation that Yingde's leverage and debt ratio will remain at low level over the next 12 months.
"We expect PAG's prudent financial policies on Yingde to remian unchanged over the period. Also, we expect the company to maintain its good position in the niche on-site industrial gas supply market in China over the period."