Fitch raises China Yangtze Power

Fitch Ratings said it upgraded China Yangtze Power Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to A from A- and A+ from A-, respectively, along with its short-term foreign- and local-currency issuer default ratings to F1 from F2.

The outlooks are stable.

The action is triggered by Fitch's upgrade of the foreign- and local-currency sovereign ratings on China to A+ from A and AA- from A+, respectively.

The ratings reflect the company's status as the key public service vehicle to execute China's ambitious plans to upgrade its hydropower capacity and protect the Yangtze River downstream area from severe flooding, Fitch said.

The ratings also incorporate the government's support and sustainable growth in power demand, the agency said.

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