CGN Power's convertible bond maintains AAA rating with stable outlook

CGN Power Co., Ltd. announced on September 8, 2025, that its "Guanghe Convertible Bond" has maintained its AAA credit rating with a stable outlook. China Chengxin International Credit Rating Co., Ltd. (CCXI) affirmed the company's main credit rating as "AAA" and the bond's rating as "AAA" in its 2025 annual follow-up report. This consistency underscores CGN Power's robust credit profile, supported by its strong operational performance, significant asset base, and strategic positioning in the nuclear power sector.

The rating affirmation is based on CGN Power's substantial support from its controlling shareholder, China General Nuclear Power Group, and its high-quality, large-scale generating units. The company's strong profitability, cash generation, and favorable financial leverage were also key factors. Despite potential investment pressure from new projects and ongoing power system reforms, the company's overall credit strength remains very strong.

The report highlights CGN Power's dominant position as the largest nuclear power operator in China, with a total installed capacity of 3,179.8 ten thousand kilowatts as of June 2025. This, combined with its strategic acquisitions and significant project pipeline, including the acquisition of equity in Huizhou Nuclear Power and other companies for 93.75bn yuan, is expected to further enhance its operational scale and profitability, reaffirming its strong market standing.