Bao-Trans Enterprises Ltd.

For the full report on Baoshan Iron&Steel Co. Ltd. And Bao-Trans Enterprises Ltd., please see the full analysis report published on Dec. 24, 2020. General Criteria: Group Rating Methodology, July 1, 2019 Criteria Corporates General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015 Criteria Corporates General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014 General Criteria: Country Risk Assessment Methodology And Assumptions, Nov. 19, 2013 Criteria Corporates General: Corporate Methodology, Nov. 19, 2013 General Criteria: Methodology: Industry Risk, Nov. 19, 2013 General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities, Nov. 13, 2012 General Criteria:

...*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings' credit ratings on the global scale are comparable across countries. S&P Global Ratings' credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees. WWW.STANDARDANDPOORS.COM/RATINGSXPRESS DECEMBER 23, 2020 2...

Full Report