...+ We expect Hongqiao to maintain adequate liquidity over the next 12 months, building on a sufficient cash balance as of the end of 2017, stable FFO, and declining capex in 2018. The company's capital structure and maturities have also improved moderately after significant fund raising from debt and equity in the past six months. + Hongqiao reported better-than-expected cash flow in 2017, mainly driven by improving working capital management, which we expect to remain stable in 2018. + We are raising our long-term issuer credit rating on China Hongqiao to 'B+' from 'B'. We are also raising our issue rating on the company's senior unsecured notes to 'B' from 'B-'. + The stable outlook reflects our expectation that Hongqiao will maintain its large operational scale and cost advantage, gradually lower its financial leverage, and maintain strong banking relationship over the next 12 months....
