We expect Texhong will maintain adequate cash flow and liquidity over the next 12 months, even in a hypothetical sovereign stress scenario for Vietnam. We are affirming our long-term corporate credit rating on Texhong at 'BB'. The stable outlook reflects our expectation that Texhong will maintain a debt-to-EBITDA ratio at around 2.0x and manage its capital structure and working capital to fulfill its financial obligations even in a hypothetical sovereign stress scenario for Vietnam. On Sept. 15, 2017, S&P Global Ratings affirmed its 'BB' long-term corporate credit rating on China-based textile manufacturer Texhong Textile Group Ltd. The outlook is stable. We affirmed the ratings on Texhong because we expect the company will maintain its current liquidity levels over the next
