S&P upgrades State Grid

S&P said it raised its ratings on State Grid International Development Ltd. and the company’s guaranteed senior unsecured notes to A+ from A.

The upgrade indicates the evaluation that SGID is a core subsidiary of State Grid Corp. of China, S&P said.

“The international arm has become the largest and most profitable subsidiary of the group while the parent prudently contains the country and sovereign credit risk exposure that SGID is exposed to,” the agency said.

The outlook is stable.

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