Fitch rates China Three Gorges notes A+

Fitch Ratings said it assigned China Three Gorges Corp.'s (A+/stable) proposed dollar notes an expected rating of A+.

The notes will be issued by the company’s wholly owned subsidiary, Three Gorges Finance I (Cayman Islands) Ltd., and be unconditionally and irrevocably guaranteed by China Three Gorges.

The agency said the rating is equalized with those of the China sovereign (A+/stable), based on Fitch's government-related entities rating criteria.

“The equalisation reflects CTG's very high likelihood of state support, underpinned by its strategic importance to China in power supply, flood control, drought relief, navigational improvement, environmental protection, as well as the consistent policy and financial support it receives from the state,” Fitch said in a news release.

© 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.