Moody’s lifts China Longyuan

Moody’s Investors Service said it upgraded China Longyuan Power Group Corp. Ltd.’s issuer rating to Baa1 from Baa3.

The outlook is stable.

The upgrade reflects a view that Longyuan will receive an increased level of parental support in times of need, given the growing strategic importance of wind power to China’s power sector, Moody’s said.

The increased importance for wind power is driving a more crucial role for China Longyuan in developing wind power for the country, the agency said.

Therefore, Moody’s said it expects the government will provide high support to the company through its parent, China Guodian Corp., the agency said.

China Guodian’s credit profile also has been improving, which provides support for the upgrade of China Longyuan, Moody’s said.

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