公告日期：2014-05-06

FitchRatesStateGridCorporationofChina'sUSDBondsFinal'A+'

FitchRatings-HongKong-06May2014:FitchRatingshasassignedStateGridOverseasInvestment(2014)

Limited'sUSD1,250m2.750%guaranteedseniornotesdue2019,USD1,600m4.125%guaranteedsenior

notesdue2024andUSD650m4.850%guaranteedseniornotesdue2044finalratingsof'A+'.

ThenotesareirrevocablyandunconditionallyguaranteedbyStateGridCorporationofChina(SGCC,

A+/Stable).ThenotesareratedatthesamelevelasSGCC'sseniorunsecuredratingastheyrepresent

unconditional,unsecuredandunsubordinatedobligationsofthecompany.

Thefinalratingassignmentfollowsareviewoffinaldocumentationmateriallyconformingtothedraft

documentationpreviouslyreviewed.Thefinalratingsaresameastheexpectedratingsassignedon15April

2014.

KEYRATINGDRIVERS

EqualisedWiththeSovereign:TheratingsofSGCCareequalisedwiththeChinasovereign(A+/Stable),

thecompany'sultimateowner,asperFitch'sParent-SubsidiaryLinkagemethodology.Theequalisationof

SGCC'sratingswiththestatetakesintoconsiderationitsstrategicimportancetoChinaaswellasstrong

financialandoperationalsupportextendedtoSGCCbythegovernmentviabothmonetaryandregulatory

policysupport.

StrategicRoleinChina:SGCC'smonopolyconcessionsserveover1.1billionusersin26provinces,or

88%ofthenationalterritory,representingapproximately80%ofthenation'stotalelectricityconsumption.

Asthelargestpurchaser,distributorandretailerofelectricity,SGCCalsoholdsacriticalroleinthe

electricityvaluechaininChina.

EvolvingRegulatoryEnvironment:Fitchconsiderstheregulatoryframeworktobehighlybeneficialto

SGCCoverall.Fitchexpects……
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