We assess SGCC's business risk profile as "strong" and its financial risk profile as "modest." In our view, the likelihood of sufficient and timely extraordinary government support for the China-based power transmission and distribution company is "extremely high." We are assigning our 'AA-' long-term corporate credit rating to SGCC and the 'AA-' issue rating to proposed senior unsecured notes that the company guarantees. We are also assigning our 'cnAAA' Greater China regional scale rating to SGCC and the notes. The stable outlook reflects our expectation that SGCC will maintain its excellent market position, and generate steady cash flow to cover the majority of its large capital expenditure. On May 8, 2013, Standard&Poor's Ratings Services assigned its 'AA-' long-term
