Fitch rates China General Nuclear notes A

Fitch Ratings said it assigned an expected A rating to China General Nuclear Power Corp.'s proposed senior unsecured dollar-denominated notes, which will be issued under CGNPC International Ltd.'s medium-term note program.

CGNPC International is a wholly owned subsidiary of China General Nuclear, which is providing an unconditional and irrevocably guarantee for the program.

The program is rated at the same level as China General's senior unsecured rating to reflect this guarantee, the agency said.

Fitch said it rates the company one notch lower than the China sovereign, using the top-down approach of its government-related entities rating criteria.

This reflects the company's strategic importance and the substantial tangible state support it consistently receives, the agency said.

China General Nuclear is China's leading nuclear power operator and one of only three nuclear power companies approved by the state council, Fitch said.

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