公告日期：2013-05-07

FitchPublishesStateGridCorpofChina's'A+'IDR;RatesUSDBonds'A+(EXP)'

FitchRatings-HongKong-07May2013:FitchRatingshaspublishedStateGridCorporationofChina's

(SGCC),Long-TermForeignandLocalCurrencyIssuerDefaultRatings(IDR)of'A+'withStableOutlook,

respectively.Fitchhasalsoassignedthecompanyforeignandlocalcurrencyseniorunsecuredratingsof

'A+',respectively.

SimultaneouslyFitchhasassignedSGOverseasInvestment(2013)Limited'sproposedUSDsenior

unsecurednotes,guaranteedbySGCC,an'A+(EXP)'rating.Thefinalratingsarecontingentuponreceipt

offinaldocumentsconformingtoinformationalreadyreceivedbyFitch.

KeyRatingDrivers

Equalisedwiththesovereign:TheratingsofSGCCareequalisedwiththePeople'sRepublicofChina

(A+/Stable),thecompany'sultimateowner,asperFitch'sParent-SubsidiaryLinkagemethodology.The

equalisationofSGCC'sratingswiththestatetakesintoconsiderationitsstrategicimportancetoChinaas

wellasstrongfinancialandoperationalsupportextendedtoSGCCbythegovernmentviabothmonetary

andregulatorypolicysupport.

StrategicroleinChina:SGCC'smonopolyconcessionsserveover1.1billionusersin26provincesor88%

ofthenationalterritory,representingapproximately80%ofthenation'stotalelectricityconsumption.By

beingthelargestpurchaserofelectricity,distributorandretailer,SGCCalsoholdsacriticalroleinthe

electricityvaluechaininChina.

Supportfromgovernment:SGCChasbeenreceivingaseriesofmonetaryandtaxtreatmentsupportfrom

thestate.Mostimportantly,thestateensuresSGCCareasonablereturnoninvestedassets-whichhas

allowedittomaintainarobustfinancialposition.Althoughnotindependentfromthestate,Fitchconsiders
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