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S&P lifts China Three Gorges
S&P said it raised the long-term corporate credit rating on China Three Gorges Corp. to A+ from A.
The agency also said it affirmed the cnAAA long-term Greater China regional scale rating on the company.
China Three Gorges is the world's largest hydropower project developer and operator, S&P said, and it is wholly owned by the Chinese government.
The outlook is negative.
The upgrades are due to the company’s now established track record of fulfilling essential social policy functions for the government and its increasingly important role to the national energy strategy, the agency said.
S&P said it believes the company would receive extraordinary government support if it comes under financial stress.
The agency said it believes the company has cemented its position as an indispensable part of China's national energy strategy, in particular the electricity transmission from west to east.
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