Fitch Ratings announced that it has upgraded the long-term foreign currency and local currency issuer default ratings and senior unsecured ratings of cgn power's (01816.HK) parent company, cgn group, from 'A' to 'A+'. Fitch also upgraded the long-term foreign currency issuer default rating and bonds rating of cgn's subsidiary, cgn international, from 'A' to 'A+', while maintaining a 'negative' outlook on the issuer default rating.

Fitch indicated that the likelihood of cgn receiving government support when necessary is extremely high; therefore, it has aligned its ratings with China’s sovereign rating (A+/negative). Fitch also believes that cgn's current position and predictability in the domestic and international financing markets is closer to that of its peer companies in the energy sector, which have a 'strong' risk of default contagion; thus, it has adjusted the assessment result of this indicator to 'strong' and initiated the aforementioned rating upgrade action.