Moody’s rates China General Nuclear bond A3

Moody’s Investors Service said it assigned a definitive A3 rating to CGNPC International Ltd.’s $600 million 4% 10-year senior unsecured bond due May 19, 2025.

The outlook is stable.

The rating on this debt obligation follows CGNPC International’s completion of its dollar-denominated bond issuance, the final terms and conditions of which are consistent with expectations, Moody’s said.

The bond is unconditionally and irrevocably guaranteed by China General Nuclear Power Corp., the agency said.

The proceeds will be used for refinancing short-term borrowings, replenish working capital and for general corporate purposes, Moody’s said.

China General Nuclear Power is one of China’s three nuclear power plant operators and the largest nuclear power company in China by total installed capacity, the agency said.

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