Moody’s assigns China Three Gorges notes A1

Moody’s Investors Service said it assigned an A1 senior unsecured rating to the proposed guaranteed senior unsecured notes to be issued by Three Gorges Finance I (Cayman Islands) Ltd., a wholly owned subsidiary of China Three Gorges Corp. The parent will guarantee the notes.

“CTG’s A1 issuer rating and the senior unsecured rating on Three Gorges Finance I (Cayman Islands) Ltd.’s proposed guaranteed notes reflect the company’s sound standalone credit profile, underpinned by its position as the world’s leading hydropower company and our expectation of a very high likelihood of support from the Chinese government if needed,” said Ada Li, a Moody’s vice president and senior credit officer, in a press release.

“The proposed issuance will not materially affect CTG’s credit metrics, as the size of the issuance is manageable relative to the company’s overall scale, and because part of the net proceeds will be used to refinance existing debt,” added Li.

CTG plans to use the net proceeds of the notes for refinancing debt and general corporate purposes.

The outlook is stable.

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