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Fitch: State Grid notes A+
Fitch Ratings said it assigned final ratings of A+ to State Grid Overseas Investment (2016) Ltd.’s $500 million 2 1/8% senior unsecured notes due 2021, $500 million 2 7/8% senior unsecured notes due 2026, €500 million 1¼% senior unsecured notes due 2022 and €500 million 1¾% senior unsecured notes due 2025.
State Grid Overseas is 100%-owned by State Grid Corp. of China, which guarantees the notes, Fitch said.
The final ratings are in line with the expected rating of A+ assigned in April, the agency said.
The company’s ratings are equalized with that of China, its ultimate owner, Fitch said.
The company has strategic importance to China, the agency said, and receives strong financial and operational support from the government.
The company has a strong financial profile and its standalone credit profile is A+.
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