Fitch affirms China Three Gorges

Fitch Ratings said it affirmed China Three Gorges Corp.'s and China Yangtze Power Co. Ltd.'s long-term foreign and local currency issuer default ratings and senior unsecured ratings at A+.

The outlooks are stable.

The agency also affirmed China Yangtze Power’s short-term foreign and local currency issuer default ratings at F1+.

Fitch said the rating on China Three Gorges is equalized with that of the China sovereign, due to the critical role the company plays in the country's water supply, flood control, drought relief and navigation improvement as well as the policy and financial support it consistently receives from the state.

China Yangtze Power’s rating is equalized with that of China Three Gorges, as China Yangtze Power is its flagship subsidiary and owns most of the group's important hydropower assets, contributing the majority of China Three Gorges’ revenue and cash flow, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.