(The following statement was released by the rating agency)
Sept 25 - Standard & Poor's Ratings Services said today that it had affirmed its 'B+'
long-term corporate credit rating on China-based glass maker China Glass Holdings Ltd.
We also affirmed the 'cnBB-' Greater China regional scale rating on the company. We then
withdrew all the ratings at the company's request. The rating outlook at the
time of the withdrawal was negative. China Glass repaid its outstanding
U.S.-dollar-denominated bonds in July 2012.
The affirmed rating prior to the withdrawal reflected our opinion that China
Glass has limited product diversification and volatile margins. The rating
also reflected the price volatility, fragmentation, and oversupply in the flat
glass industry in China. The company's experienced management team, diverse
customer base, and capability to migrate to coated glass and low-emissivity
glass products supported the rating. The negative outlook prior to the rating
withdrawal reflected our view of China Glass' deteriorating profitability and
weak cash flows.
RELATED CRITERIA AND RESEARCH
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008