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S&P rates CTG International A
S&P said it gave an A issuer rating to China Three Gorges International Ltd. (Ctgi), a subsidiary of China Three Gorges Corp. The outlook is stable.
The agency said it equalizes the subsidiary’s rating with its parent because it considers Ctgi a core subsidiary. Ctgi invests in foreign-based clean energy projects.
In a press release, S&P noted, “The newly acquired or commissioned projects in 2021-2022 will support CTGI's FFO growth and improve its credit ratios. These projects include the Alcazar renewables project in Jordan and Egypt (acquired in 2021), wind and solar projects in Spain (acquired in 2021-2022), Kinich renewables project in Mexico (acquired in 2022) and Karot hydropower project in Pakistan (commissioned in 2022). We expect the company's FFO to debt ratio to gradually improve in 2022-2024 to 17%-23%, from a low in 2021 of 13%.
The stable outlook reflects the stable outlook of the parent, the agency said.
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