On Sept. 21, 2017, we lowered our long-term sovereign credit ratings on the People's Republic of China to 'A+' from 'AA-'. The outlook is stable. We expect TP Group to continue to benefit from a high likelihood of extraordinary government support and a strong competitive position. We are affirming the 'BBB+' long-term and 'A-2' short-term issuer credit ratings on holding companies TPGHK and CTIH. We are also affirming our 'A' ratings on three core operating subsidiaries of TP Group. The stable outlook on TPGHK, CTIH, and the core operating subsidiaries reflects our view of the high likelihood of extraordinary support from the Chinese government and the group's strong business franchise in China and Hong Kong. On Sept. 22, 2017, S&P
