Fitch upgrades China General Nuclear

Fitch Ratings said it affirmed China General Nuclear Power Corp.’s long-term foreign- and local-currency issuer default ratings at A+.

Fitch also said it upgraded the company’s senior unsecured rating to A+ from A.

The agency also said it upgraded the ratings to A+ from A on CGN Meiya Power Holdings Co., Ltd.’s $350 million senior unsecured notes, China Uranium Development Co. Ltd.’s $600 million senior unsecured notes and CGNPC International Ltd.’s $600 million senior unsecured notes.

The outlook is stable.

The upgrades follow the agency’s decision to align this debt-class rating with the company’s issuer default rating.

Fitch also said it reviewed its treatment of the company’s secured and unsecured debt, which is rated on a top-down basis. The agency said it concluded that should China General require support from its parent, this support will not differentiate between senior secured and senior unsecured debt.

The company is China’s top nuclear power operator by both operational and pipeline nuclear power capacity, Fitch said.

China General is of strategic importance to the state because nuclear power is important to China’s efforts to mitigate air pollution and optimize the mix of power-generation sources, the agency said.

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