We believe Texhong's growing FFO and likely robust working capital inflows in 2017 should help to offset risks from a higher short-term debt balance at the end of 2016. We expect Texhong to maintain sufficient liquidity to meet its financial obligations, even in a hypothetical sovereign stress scenario for Vietnam. We are affirming our long-term corporate credit rating on Texhong at 'BB' and our long-term Greater China regional scale rating on the company at 'cnBBB-'. The stable outlook reflects our expectation that Texhong will generate significant working capital inflows this year as its excess cotton inventory reduces, production capacity expansion in Vietnam and China continues, and prices increase. On March 28, 2017, S&P Global Ratings affirmed its long-term corporate credit
