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CSCEC International Construction Co., Ltd. (CSCECI) is rated on a top-down basis under Fitch Ratings’ Parent and Subsidiary Linkage (PSL) Rating Criteria. This reflects the ‘Low’ legal, ‘Medium’ strategic and ‘High’ operational incentives for its 100% parent, China State Construction Engineering Corporation Ltd (CSCEC, A/Stable), to provide support. CSCEC is a subsidiary of China State Construction Engineering Corporation (CSCEC Group), which is wholly owned by China’s State-owned Assets Supervision and Administration Commission. We use our Government-Related Entities Rating (GRE) Criteria to derive CSCEC’s rating, as we consider CSCEC Group to be an intermediate holding company with limited operations or debt. We thus look through CSCEC Group to the Chinese sovereign (A+/Stable). The Stable Outlook reflects our expectation that linkages between CSCEC and CSCECI will remain intact.