贵州乌江水电开发有限责任公司2025年度第一期中期票据获“AAA”评级

Core Viewpoint - Guizhou Wujiang Hydropower Development Co., Ltd. received an "AAA" rating for its 2025 first phase medium-term notes, reflecting strong shareholder support and competitive advantages in the hydropower sector [1] Group 1: Company Overview - The company was established in 1990 and underwent several structural changes, with the current name adopted in 1999 [2] - The ownership structure includes 51% held by China Huadian Corporation and 49% by Guizhou Provincial Government [2] - As of March 2009, the registered capital of the company increased to 3.88 billion yuan [2] - The company has transitioned into a comprehensive energy enterprise, engaging in hydropower, thermal power, and renewable energy [2] - In 2023, the company achieved total operating revenue of 12.453 billion yuan [2] Group 2: Rating and Financial Analysis - The "AAA" rating reflects the company's strong operational capabilities, including significant installed capacity and favorable hydropower resources [1] - The rating agency noted concerns regarding the company's profitability being heavily influenced by water availability and coal prices, as well as a high level of financial leverage [1]