Moody’s gives China General Nuclear bonds A3

Moody's Investors Service said it assigned an A3 senior unsecured rating to the proposed senior bonds to be issued by CGNPC International Ltd.

The bonds will be unconditionally and irrevocably guaranteed by China General Nuclear Power Corp. (A3 positive).

The outlook is positive.

Proceeds will be used for refinancing existing debt, general corporate purposes and to fund eligible green projects.

"CGN's A3 senior unsecured rating on its proposed guaranteed bonds are underpinned by its status as the China's largest nuclear power company by installed nuclear capacity, and our expectation of a very high level of support and high level of dependence from the Chinese government, if needed," Ada Li, Moody's vice president and senior analyst, said in a news release.

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