Moody's ups State Grid

Moody's Investors Service said it upgraded State Grid International Development Ltd.’s issuer rating to A1 from A2 and State Grid Europe Development (2014) plc’s guaranteed euro-denominated bond to A1 from A2.

The upgrade indicates an uplift to four notches from three on the continued strengthening in State Grid International’s strategic importance to its parent, State Grid Corp. of China, the agency noted.

"The continued strengthening in SGID's strategic importance to its parent State Grid is demonstrated by the greater integration between the two entities and robust track record of financial support from the parent over time," said Ivy Poon, a Moody's vice president and senior analyst, in a press release.

The outlook remains stable.

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