Fitch rates Shanghai Electric notes A

Fitch Ratings said it assigned a final rating of A to Shanghai Electric (Group) Corp.’s $500 million 3% senior unsecured notes due 2019.

The assignment of the final rating follows the receipt of documents conforming to information already received and the final rating is in line with the expected rating assigned Aug 1, the agency said.

The notes are rated at the same level as the company’s senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company.

The notes are issued by its indirect wholly owned subsidiary Shanghai Electric Group Global Investment Ltd. and are unconditionally and irrevocably guaranteed by Shanghai Electric.

The ratings for both companies benefit from their moderate- to strong-linkages with the Shanghai municipal government, the agency said.

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