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CCXAP withdraws Tongren Transport & Tourism Development & Investment Group Co., Ltd.’s ratings

Hong Kong, 2 November 2018 -- China Chengxin (Asia Pacific) Credit Ratings (“CCXAP”) has withdrawn the credit ratings on Tongren Transport & Tourism Development & Investment Group Co., Ltd. (“TTT”) because the rated senior notes matured on 1 November 2018 and the principal and interest have been repaid on schedule. Prior to the rating withdrawal, TTT’s long-term credit rating was BBBg- with a stable outlook, and short-term credit rating was Ag-3. Please refer to CCXAP’s policies for withdrawn of credit ratings, available at www.ccxap.com (Rating Process > Rating Definition and Meaning).

CCXAP’s public ratings are available at www.ccxap.com (Rating Results). The methodology used in this rating is Rating Methodology for China’s Local Government Financing Vehicles dated June 2017, available at www.ccxap.com (Rating Process -> Rating Methodology).