We expect SGCC to maintain stable profits and cash flows over the next two to three years, and continue to benefit from an extremely high likelihood of extraordinary government support. We believe China's ongoing power sector reform, once implemented fully and consistently, could be credit positive for the country's largest power transmission and distribution company. 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 the senior unsecured notes that SGCC guarantees. The negative outlook on SGCC reflects our negative outlook on the sovereign credit rating. We expect SGCC, on a stand-alone basis, to sustain
