Fitch rates China Three Gorges notes A+

Fitch Ratings said it assigned an expected rating of A+ to Three Gorges Finance I (Cayman Islands) Ltd.’s proposed dollar-denominated notes.

Three Gorges Finance I is wholly owned by China Three Gorges Corp., which guarantees the notes.

The notes are rated at the same level as the company’s senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations, Fitch said.

The ratings also are equalized with the China sovereign, its sole owner, reflecting its critical role in flood control, drought relief, navigation improvement and water supply, the agency said.

The ratings also consider the strength of policy and financial support China Three Gorges consistently receives from the state, Fitch said.

The company is responsible for six large hydropower stations on the Yangtze River, the agency said. It is the largest hydropower producer, accounting for about 16% of the country’s hydropower capacity at year-end 2015 and supplying 12 of China’s 32 provinces and municipalities, Fitch added.

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