We expect CSCI's cash flows to remain under pressure due to its ongoing and anticipated large expenditure on investment-linked projects in China. This lowers visibility on the company's deleveraging prospects over the next 12-24 months. We are revising our outlook on CSCI to negative from stable. At the same time, we are affirming our 'BBB' long-term issuer credit rating on the Chinese construction company. The negative outlook reflects our view that CSCI's leverage may remain high unless the company significantly improves its cash flows and divests projects with high capital commitments. On Oct. 15, 2018, S&P Global Ratings revised its outlook on China State Construction International Holdings Ltd. (CSCI) to negative from stable. At the same time, we affirmed our
