Fitch rates China Three Gorges notes A+

Fitch Ratings said it assigned an expected A+ rating to China Three Gorges Corp.'s proposed euro notes.

The notes will be issued by the company's 100%-owned subsidiary, Three Gorges Finance II (Cayman Islands) Ltd. and be guaranteed by China Three Gorges, Fitch said.

Chine Three Gorges's ratings are equalized with those of the Chinese sovereign as the sovereign is its sole owner, the agency said.

The equalization reflects the critical role China Three Gorges plays in the country's flood control, drought relief, navigation improvement and water supply, as well as the strength of policy and financial support the company consistently receives from the state, Fitch said.

The company is China's leading hydropower operator with six major hydropower stations – four operational and two under development, the agency added.

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