We believe China Tourism Group Corp. Ltd.'s (CTG) property and duty-free business will stabilize over the next 12 months. This follows a weaker performance than we expected in 2024, delaying deleveraging. We expect CTG to prioritize debt reduction in 2025 by reducing spending and paying down debt. We affirmed our 'A-' long-term issuer credit rating on CTG, China's largest duty-free retailer. The negative rating outlook reflects the possibility that CTG may not be able to decrease its debt leverage as much as we expect over the next 12-18 months. This could be due to deteriorating business conditions or a shift in financial priority. The rating affirmation reflects our view that CTG will deleverage in 2025 and into 2026. This will
