Moody's assigns State Grid notes A1

Moody's Investors Service said it gave an A1 senior unsecured rating to the planned drawdown under the medium-term note program of State Grid Overseas Investment (BVI) Ltd. (formerly State Grid Overseas Investment (2016) Ltd.), a wholly owned subsidiary of State Grid Corp. of China. The planned drawdown will be guaranteed by State Grid Corp.

State Grid intends to use the proceeds for general corporate purposes.

"The proposed issuance will have a limited impact on State Grid's total debt, because the proceeds will be used for refinancing and general corporate purposes, which are incorporated in our projection," said Ivy Poon, a Moody's vice president and senior analyst, in a press release.

The outlook is stable.

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