Fitch upgrades China Yangtze Power

Fitch Ratings said it upgraded China Yangtze Power Co. Ltd.’s long-term foreign- and local-currency issuer default ratings to A+ from A-.

The outlook is stable.

Fitch also said it upgraded the company’s short-term foreign- and local-currency issuer default rating to F1 from F2.

The upgrades stem from a re-assessment of the linkages between the parent company, China Three Gorges Corp. and the sovereign of China, the agency said.

The agency said it re-evaluated the importance of China Three Gorges’ operations and its policy role, particularly its contribution to flood control, drought relief, navigation improvement and water supply, as well as the strength of policy and financial support that it receives from China.

China Yangtze Power is 73.33% owned by China Three Gorges, Fitch said.

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