We have revised Midea's liquidity score to exceptional given the company's strong cash flow generation, large cash balance, and low cash expenditures. We are affirming our 'A-' long-term corporate credit rating on Midea and our 'A-' long-term issue rating on the company's guaranteed MTN program and drawdowns. The stable outlook reflects our expectation that Midea will maintain its strong market position in China's home appliances industry, no net debt, and substantial free cash flow over the next 24 months. On Oct. 31, 2017, S&P Global Ratings affirmed its 'A-' long-term corporate credit rating on Midea Group Co. Ltd., a China-based home appliances manufacturer. The outlook is stable. We also affirmed our 'A-' long-term issue ratings on Midea's guaranteed medium-term notes
