Fitch rates China Three Gorges notes A+

Fitch said it assigned China Three Gorges Corp.’s proposed dollar-denominated senior unsecured notes a rating of A+. The proposed notes will be issued by China Three Gorges’ wholly owned subsidiary, Three Gorges Finance I (Cayman Islands) Ltd. The parent will guarantee the notes.

“CTG’s ratings are equalized with China’s sovereign ratings (A+/stable), based on Fitch’s government-related entities (GRE) rating criteria. The equalization reflects CTG’s very high likelihood of state support due to its strategic importance in power supply, flood control and drought relief. This is further strengthened by its new mandate in the environmental protection along the Yangtze River,” Fitch said in a press release.

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