Sound market position as the world's largest aluminum producer by capacity with an integrated business model. Low cost position in the global aluminum cost curve. Operations concentrated in Shandong province of China. Improving cash flows backed by favorable aluminum prices. Lower capital spending to help deleverage. Liquidity sources fall short of liquidity uses in the next 12 months. The stable outlook on China Hongqiao Group Ltd. (Hongqiao) reflects our view that the Chinese aluminum industry will see a more favorable supply and demand equation in the next one to two years, supported by supply-side reforms. We expect Hongqiao to maintain its large operational scale and cost advantage in the aluminum industry. We forecast the company's leverage to improve owing to
