S&P lifts China Three Gorges stand-alone rating

Standard & Poor’s said it affirmed an A long-term corporate credit rating on China Three Gorges Corp.

The agency also said it affirmed the company’s cnAA+ long-term Greater China regional scale rating.

S&P also said it raised the stand-alone credit profile to BBB+ from BBB to reflect an expectation that the company’s financial risk profile will remain at the higher end of the significant category over the next 24 months.

The outlook is stable.

The ratings reflect an expectation that the company will maintain its strong operating performance and continue to benefit from a very high likelihood of extraordinary support from the Chinese government if the company comes under financial stress, S&P said.

The government fully owns China Three Gorges, which plays a significant role in implementing the country’s national energy plan, the agency said.

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