(The following statement was released by the rating agency)
Jan 08 - Standard & Poor's Ratings Services said today that it had affirmed its 'B+'
long-term corporate credit rating and 'cnBB' long-term Greater China regional scale rating on
cement producer China Tianrui Group Cement Co. Ltd. (Tianrui). We then withdrew the
ratings at the company's request. The rating outlook at the time of the withdrawal was
stable. At the same time, we withdrew the 'B' and 'cnBB-' issue ratings on
Tianrui's proposed senior unsecured notes.
The affirmed rating prior to the withdrawal reflected our opinion that Tianrui
is likely to maintain its operating margin at more than 20% and improve its
financial position in the next 12 months. In our opinion, Tianrui's corporate
governance has yet to be tested due to the company's short track record. At
the time of withdrawal, the stable outlook on Tianrui reflected our
expectation that the company will maintain adequate liquidity and strengthen
its market positions in Henan and Liaoning provinces.
RELATED CRITERIA AND RESEARCH
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008