Fitch gives China Three Gorges notes A+

Fitch Ratings said it gave China Three Gorges Corp.'s planned U.S. dollar senior unsecured notes an A+ rating. CTG's wholly owned subsidiary, Three Gorges Finance I (Cayman Islands) Ltd., will issue the notes, which CTG will guarantee.

“CTG's ratings are equalized with China's sovereign rating of A+/stable, based on Fitch's government-related entities rating criteria. The equalization reflects our assessment of a ‘very strong’ likelihood of state support, underpinned by CTG's strategic importance to China in terms of power supply, flood control, drought relief, navigational improvement and environmental protection. CTG has also received consistent policy and the financial support in the past,” the agency said in a press release.

The outlook is stable.

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