We expect SGCC to maintain robust cash flows over the next two to three years, and continue to benefit from an extremely high likelihood of extraordinary government support to the country's largest power grid operator. We believe China's overhaul of power sector regulations will have a limited impact on the company in the short term, and could be long-term credit positive. We are affirming our 'AA-' long-term corporate credit rating and 'cnAAA' long-term Greater China regional scale rating on SGCC. We are also affirming our 'AA-' issue rating and 'cnAAA' Greater China regional scale rating on all the outstanding notes that SGCC guarantees. At the same time, we are assigning our 'AA-' long-term issue rating and 'cnAAA' Greater China regional
