We expect downward pressure on the capitalization of China Cinda from the company's possible acquisition of Nanyang Commercial Bank. We believe the increasingly negative trend for credit risks in the economy is causing challenges for China's state-owned asset management companies, including China Cinda. We are placing our ratings on China Cinda, its Hong Kong-based subsidiary Cinda HK, and the debt that the companies guarantee on CreditWatch with negative implications. We aim to resolve the CreditWatch placement in the next three months once we have more clarity on China Cinda's plans to raise additional capital. On Sept. 22, 2015, Standard&Poor's Ratings Services placed our 'A-/A-2' issuer credit rating and 'cnAA/cnA-1' Greater China regional scale rating on China Cinda Asset
