China National Travel Service Group Corp. Ltd. (CNTS) has a leading market position in the fast-growing and profitable duty-free retail market in China. We also believe that CNTS has a high likelihood of receiving extraordinary financial support from the central government of China if needed. On Oct. 8, 2019, S&P Global Ratings assigned its 'A-' long-term issuer credit rating to CNTS. The stable outlook reflects our expectation that CNTS will continue to gain market share and scale in the duty-free retail market and maintain a debt-to-EBITDA ratio of 2.0x-2.3x over the next 24 months. The rating on CNTS reflects our view that the company will remain a dominant player in the fast-growing duty-free retail industry in China. CNTS benefits from
