Fitch Affirms Huaneng Group and Huaneng International at 'A-'

Fitch Ratings has affirmed the 'A-' Long-Term Foreign-Currency Issuer Default Ratings for China Huaneng Group and its subsidiary, Huaneng Power International, with a Stable Outlook. The ratings reflect strong government support due to Huaneng's critical role in China's energy security. The group's strategic and operational incentives to support its subsidiary are high, with a focus on energy transition and renewable energy expansion. Huaneng's financial profile is strengthened by increased renewables contribution and improved EBITDA margins.