Moody’s gives China General Nuclear notes A3

Moody's Investors Service said it assigned an A3 senior unsecured rating to the proposed senior unsecured notes to be issued by CGNPC International Ltd.

The notes will be unconditionally and irrevocably guaranteed by China General Nuclear Power Corp.

The outlook is stable.

China General Nuclear plans to use the net proceeds from the dollar-denominated notes for refinancing and general corporate purposes, and from the euro-denominated notes to fund eligible green projects.

"CGN's A3 issuer rating and the senior unsecured rating on its proposed guaranteed notes are underpinned by its status as the China's largest nuclear power company by nuclear capacity and our expectation of a very high level of support from the Chinese government, if needed," Ada Li, Moody's vice president and senior analyst, said in a news release.

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