Fitch Ratings affirmed Foran Energy Group's (SHE:002911) long-term issuer default rating (IDR) at BBB+, with a stable outlook.

Foran Energy Group is strongly connected to the government of the Chinese city of Foshan through its parent, Foshan Investment Holdings Group, 91.63% of which is owned by the Foshan State-owned Assets Supervision and Administration Commission (SASAC), according to a Thursday commentary.

The stable outlook reflects the rating agency's expectation that the company will possibly secure government support, which could comprise equity injections and subsidies, given that it is a natural-monopoly high-pressure piped-gas distributor in Foshan.

Shares of Foran Energy Group fell over 1% in recent trade.