Moody’s assigns A2 to Huaneng Power, notes

Moody’s Investors Service said it assigned a first-time A2 issuer rating to Huaneng Power International, Inc. At the same time, Moody’s assigned an A2 senior unsecured rating to the proposed guaranteed bond to be issued by Sinosing Services Pte. Ltd., an indirect wholly owned subsidiary of Huaneng. The bond will be guaranteed by Huaneng. The outlook is stable.

The proceeds will be used for refinancing debt.

The company’s A2 issuer rating reflects its stand-alone credit strength, and a five-notch uplift, reflecting Moody’s expectation of extraordinary support from the government of China through Huaneng’s parent, China Huaneng Group Co. Ltd. in times of need.

“HPI’s standalone credit strength reflects its position as the core listed flagship platform for the conventional power generation assets of CHGC, with national coverage and strong geographical focus in provinces with robust power demand,” said Boris Kan, a Moody’s vice president and senior credit officer, in a press release.

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