The recent addition of Hikvision to the U.S. Entity List could result in significant challenges to the company's supply chain management, market position, and financial performance. On Oct. 9, 2019, S&P Global Ratings placed its 'A-' long-term issuer credit rating on Hikvision on CreditWatch with negative implications. We aim to resolve the CreditWatch once we have a better understanding of the potential magnitude of impact to Hikvision following this action by the U.S. government. The CreditWatch placement reflects our view that the recent addition of Hangzhou Hikvision Digital Technology Co. Ltd. (Hikvision) on the Entity List by the U.S. Department of Commerce could significantly impact the company's business operations and market standing. Entities on the list are prohibited from doing
