Our 'AA-' corporate credit rating on State Grid Corp. of China is derived from: Our anchor of 'a+', which is based on our assessments of a "strong" business risk profile and "modest" financial risk profile. State Grid's stand-alone credit profile (SACP) of 'a+', which is the same as the anchor because all modifiers are neutral for the rating. A one-notch uplift on the SACP to reflect our view of an "extremely high" likelihood that the company would receive timely and sufficient extraordinary support from the Chinese government in the event of financial distress. Our view is based on State Grid's "very strong" link and "critical" role to the government. Dominant position in China's power transmission and distribution sector. Sizable and
