China Hongqiao Group Ltd.'s financial policy has turned more disciplined with a reduced growth appetite, which has lowered the company's financial risk. The aluminum producer's moderate capital expenditure and resilient aluminum prices will help it generate positive discretionary cash flow over the next one to two years, supporting debt reduction. On April 21, 2021, S&P Global Ratings raised its long-term issuer credit rating on Hongqiao to 'BB-' from 'B+'. The stable outlook reflects our view that Hongqiao's improved financial discipline and a robust industry outlook will keep the company's FFO-to-debt ratio above 40% over the next 12-24 months. The stable outlook on Hongqiao reflects our view that more disciplined financial management will support the company's credit strength. We forecast Hongqiao's
