Fitch rates China Three Gorges notes A+

Fitch Ratings said it assigned a final rating of A+ to Three Gorges Finance I (Cayman Islands) Ltd.'s $500 million 2.30% senior unsecured notes due 2021 and $1 billion 3.15% senior unsecured notes due 2026.

Three Gorges Finance I is wholly owned by China Three Gorges Corp. and the notes are guaranteed by China Three Gorges.

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 are equalized with the China sovereign, its sole owner, the agency said.

The equalization of the ratings reflects the company’s critical role in China in terms of flood control, drought relief, navigation improvement and water supply, Fitch said, as well as the strength of policy and financial support it consistently receives from the state.

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