Moody's rates China General Nuclear notes A2

Moody's Investors Services said it assigned an A2 senior unsecured rating to China General Nuclear Power Corp.'s proposed dollar-denominated notes drawdown to be issued by its wholly owned subsidiary, CGNPC International Ltd.'s medium-term note program.

The notes will be unconditionally and irrevocably guaranteed by China General, Moody's said.

The outlook is stable.

The proceeds of the drawdown will be used to refinance existing debt and for general corporate purposes, the agency said.

The rating on the drawdown reflects the company's A2 issuer rating and the fact that the notes are unconditionally and irrevocably guaranteed, Moody's explained.

The size of the drawdown is expected to be manageable, the agency added.

The company has a baseline credit assessment of Ba2 and a six-notch uplift based on an expectation of a very high level of support from and high level of dependence on China's central government, if needed, Moody's said.

The expectation of government support is based on the company's national strategic importance as China's largest domestic nuclear power generation company, the agency said.

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