Foreign Currency: AA-/Stable Local Currency: AA-/Stable Greater China Regional Scale: cnAA/-- We assess the stand-alone credit profile of State Grid Corp. of China (SGCC) as 'a+'. Our 'AA-' corporate credit rating on the company is based on our criteria for government-related entities, and our view of the "extremely high" likelihood of extraordinary support from the government of China (AA-/Stable/A-1+; cnAAA/cnA-1+) weighing the following SGCC characteristics: "Critical" role to the government. SGCC performs a key role in the national energy strategy to ensure safe and reliable power supply in China. The company supports the government's renewal energy initiatives and provides electricity to less developed regions. "Very strong" link to the government. The Chinese central government owns 100% of SGCC through State-owned
