S&P rates eHi Car notes BB-

S&P said it affirmed the BB long-term corporate credit rating on eHi Car Services Ltd.

The outlook is stable.

The agency also said it affirmed the BB- long-term issue ratings on eHi's outstanding dollar-denominated senior unsecured notes.

S&P also withdrew the cnBBB- long-term Greater China regional scale rating on eHi and a cnBB+ long-term Greater China regional scale rating on the notes.

The agency also said it assigned a BB- long-term issue rating on eHi's proposed dollar-denominated senior unsecured notes.

The ratings reflect an expectation that eHi's cash flows and profit margins will improve over the next 12 to 24 months, S&P said.

The company's increasingly effective vehicle management will fuel the improvement even as it meaningfully expands its franchise, the agency said.

The company should be able to maintain adequate liquidity and remain in compliance with its covenants, S&P added.

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