Guanghui's market position has strengthened on the back of multiple acquisitions in China's auto segment during 2016, however at the cost of higher debt leverage. We are affirming our 'B' corporate credit rating on the China-based auto, energy, and property company. The stable outlook reflects our expectation that the company will maintain its satisfactory market position in China's auto retailing market, which supports its cash flow generation and stable leverage over the next 12 months. On Sept. 28, 2017, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on China-based Xinjiang Guanghui Industry Investment (Group) Co. Ltd. (Guanghui). The outlook is stable. At the same time, we affirmed our 'B-' long-term issue rating on the company's U.S. dollar-denominated senior
