Moody’s rates China General bond A3

Moody's Investors Service said it assigned a provisional A3 senior unsecured rating to the proposed dollar-denominated senior unsecured bond to be issued by CGNPC International Ltd., a wholly owned subsidiary of China General Nuclear Power Corp. (CGN, A3 stable).

The bond will be unconditionally and irrecoverably guaranteed by China General.

China General’s A3 issuer rating was affirmed and the outlook is stable.

Moody’s said China General's A3 rating incorporates its baseline credit assessment of ba2 and a five-notch uplift based on the very high level of expected support from the Chinese government (Aa3 stable) under Moody's joint-default analysis approach for government-related issuers.

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