S&P assigns State Grid notes A+

S&P said it rated State Grid International Development Ltd.'s planned dollar-denominated guaranteed senior unsecured notes A+. State Grid’s special purpose vehicle State Grid Europe Development (2014) PCL will issue the notes, which State Grid will guarantee.

“We equalize the issue rating on SGID's guaranteed notes with SGID's issuer credit rating of A+. This reflects our view that SGID's guaranteed senior unsecured notes are not materially disadvantaged to priority debts in the capital structure. This is because SGID is a core subsidiary of the State Grid Corp. of China (SGCC) group, and the group's leverage is sufficiently low (i.e., a modest financial risk profile),” S&P said in a press release.

SGID intends to use the proceeds for debt refinancing and other general corporate purposes.

The outlook is stable.

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