Moody's rates China Three Gorges note A1

Moody's Investors Service said it assigned an A1 senior unsecured rating to the planned guaranteed senior unsecured dollar-denominated notes to be issued by Three Gorges Finance I (Cayman Islands) Ltd. The issuer is a wholly owned subsidiary of China Three Gorges Corp., which will guarantee the notes.

"CTG's A1 issuer rating and the senior unsecured rating on the proposed guaranteed notes reflect the company's sound stand-alone 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.

CTG plans to use the proceeds for refinancing indebtedness and general corporate purposes.

The outlook is stable.

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