We expect Texhong's profitability to remain volatile over the next 12 months, due to continued volatility in cotton prices. However, we believe Texhong can maintain moderate financial leverage and good cash flow protection over the next 12 months while sustaining satisfactory revenue growth. We are affirming our 'BB-' long-term corporate credit rating and our 'cnBB+' Greater China regional scale rating on the China-based textile company. The outlook is stable, reflecting our expectation that Texhong will improve its leverage over the next 12 months after the completion of its Vietnam expansion. On Sept. 29, 2014, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on China-based textile company Texhong Textile Group Ltd. The outlook is stable. We also
