S&P rates CGNPC notes A-

Standard & Poor’s said it assigned an A- long-term corporate credit rating to China General Nuclear Power Corp., along with a cnAA long-term Greater China regional scale rating.

S&P also said it assigned an A- long-term issue rating and cnAA long-term Greater China regional scale rating to the proposed issuance of senior unsecured notes by CGNPC International Ltd., a wholly owned subsidiary of China General, which unconditionally and irrevocably guarantees the notes.

The outlook is stable.

The ratings reflect a very high likelihood of extraordinary support for the company if needed, S&P said.

CGNPC’s stand-alone credit profile is considered BB+, the agency said.

The company also benefits from the positive regulatory environment for nuclear power in China, S&P said, and its strong market position and high operating efficiency.

The company’s significant capital expenditure and highly leveraged balance sheet temper these strengths, the agency added.

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