Fitch affirms Power Construction

Fitch Ratings said it affirmed Power Construction Corp. of China's long-term foreign currency issuer default rating, senior unsecured rating and the rating on its medium-term note and senior perpetual securities program at A-.

The outlook is stable.

The agency also affirmed the ratings on the senior perpetual capital securities issued by subsidiaries DianJian Haiyu Ltd., Leader Goal International Ltd. and Dianjian International Finance Ltd. at BBB+.

“PCCC's IDR, which is notched down twice from China's long-term issuer default rating, reflects its strong status as a government-related entity,” Fitch said in a news release.

“Its strategic importance to the state in hydro-power and hydraulic projects is comparable with that of other large Sasac-owned E&C enterprises that operate in sectors with only one or two dominant players, such as China Communications Construction Co. Ltd. (A-/stable) in maritime infrastructure construction, China Railway Group Ltd. (A-/stable) in railway E&C and China Energy Engineering Corp. Ltd. (A-/stable) in thermal power construction.”

© 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.