We expect CSCI will continue to benefit from parent-group support and its good market position in Hong Kong and Macau. The construction company's fast growth in China, mostly through investment-linked projects, will lead to rising cash outflows over the next 12 months. We have therefore revised our assessment of CSCI's liquidity position to adequate from strong. We are affirming our corporate credit rating on CSCI at 'BBB', and our 'BBB' issue rating on the notes that CSCI guarantees. The stable outlook reflects our expectation that CSCI will maintain stable cash flows from traditional E&C projects and high cash holdings, providing buffers against cash flow swings in its more volatile operations in China over the next two years. On Nov. 20,
