Moody's gives State Power preferreds Baa1

Moody's Investors Service said it assigned a Baa1 rating to the planned preference shares to be issued by SPIC Preferred Co. No. 2 Ltd., a wholly owned subsidiary of State Power Investment Corp. Ltd.

"The Baa1 rating on the preference shares is two notches below SPIC's A2 issuer rating, reflecting the typically junior subordinated position of preference shares, and also underpinned by SPIC's credit quality," said Ada Li, a Moody's vice president and senior credit officer, in a press release.

The proceeds will be loaned to SPIC or its subsidiaries under intragroup financing agreements.

The outlook is stable.

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