Summary: Hero Asia Investment Ltd.

Small scale with minimal revenue source and mainly dependent on dividends from equity interests. Minority stake in majority of the projects. Operation of overseas wind projects gradually ramping up. Inherent operating volatility of wind-power and problems related to grid curtailment. High leverage because of status as the parent's offshore financing platform. Potential support from the parent. The stable outlook on Hero Asia Investment Ltd. reflects the outlook on its parent China Longyuan Power Group Corp. Ltd. (Longyuan: A-/Stable/—; cnAA/—) and our view that Hero Asia will remain a highly strategic subsidiary of the group over the next 24 months. The stable outlook on Longyuan reflects our view that the company's business profile and financial strength will be stable over the

...Outlook: Stable The stable outlook on Hero Asia Investment Ltd. reflects the outlook on its parent China Longyuan Power Group Corp. Ltd. (Longyuan: A-/Stable/--; cnAA/--) and our view that Hero Asia will remain a highly strategic subsidiary of the group over the next 24 months. The stable outlook on Longyuan reflects our view that the company's business profile and financial strength will be stable over the next 24 months. We expect Longyuan to further entrench its leading market position, maintain good profitability, and continue to operate within a favorable regulatory environment that allows fair visibility on wind power tariffs. We anticipate that the company's leverage will be largely stable as sizable capital expenditure tempers growth in cash flow....

Summary