...HONG KONG (S&P Global Ratings) March 29, 2022--Sustained profit expansion and improving cash flow should help China State Construction International Holdings Ltd. (CSCI; ###/Stable/--) to improve its interest-servicing abilities over the next two years. The company's debt growth will likely moderate in 2022 and 2023 amid its business expansion and ongoing business transformation. We currently expect CSCI to see 16%-20% of top line growth in 2022, higher than our original expectation of 13%-18%. New contract wins grew 26% in 2021 from being flat in 2020, as the China government has been prioritizing infrastructure investment to support local economic growth. Accelerating project execution also help the company to achieve 23.8% revenue growth in 2021, outperforming our expectation of 15%-20%. As such, we believe a growing order backlog and faster project implementation should support its business growth momentum in 2022, before normalizing to 5%-10% in 2023. We expect CSCI's EBITDA margin...
