...Beijing Gas Group Co., Ltd.'s rating reflects a Standalone Credit Profile (SCP) of 'a-', which is underpinned by a net cash position and strong business profile. The highly stable cash flow is due to a dominant market position in Beijing, less-cyclical customer mix, stable procurement costs, smooth cost pass-through, and stable dividends from a pipeline joint venture (JV). The rating would remain unchanged even if the SCP were to weaken to 'bbb+'. This is because of 'High' legal, operational and strategic incentives for Beijing Gas's parent, Beijing Enterprises Holdings Limited (BEHL, A-/Stable), to provide support under our Parent and Subsidiary Linkage Rating Criteria....
