We continue to see an extremely high likelihood of timely and sufficient extraordinary support from Qingdao government to Qingdao Conson, if needed. However, the Qingdao government's elevated debt burden and weak budgetary performance constrains its credit quality, thereby weakening Qingdao Conson's credit profile. We are revising the outlook on Qingdao Conson to negative from stable. At the same time, we are affirming our 'BBB' long-term corporate credit rating on Qingdao Conson. We are also affirming our 'BBB' issue rating on the company's guaranteed senior unsecured notes. The negative outlook on Qingdao Conson reflects our view on the credit profile of the Qingdao government, which is constrained by the city's weak budgetary performance and very high debt burden. On Jan. 31,
