China-based aluminum producer Hongqiao has a fair business risk profile and significant financial risk profile, in our view. It also has very high concentration risk and a concentrated debt maturity profile. The company benefits from low costs, proximity to its customers, and good demand. For these reasons, we are assigning our 'BB' long-term corporate rating to Hongqiao with a 'cnBBB-' Greater China scale credit rating. We are also assigning our 'BB-' issue rating to the company's proposed senior unsecured notes with a 'cnBB+' Great China scale credit rating. The stable outlook reflects our view that the company can complete its capital projects on time and on budget. On July 11, 2011, Standard&Poor's Ratings Services assigned its 'BB' long-term
