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China Communications Construction Co. Ltd. -- Moody's China Communications Construction's 1H 2018 results in line with expectation

Moody's Investors Service says that China Communications Construction Co. Ltd. (CCCC, A3 stable) reported an increase in leverage in 1H 2018, but that its leverage should recover in the second half of the year on solid revenue growth. As such, its results for 1H 2018 have no impact on its rating or outlook. "CCCC's leverage -- as measured by adjusted debt/EBITDA -- increased to 6.7x for the 12 months ended June 2018 from 6.3x in 2017, driven mainly by higher debt to fund investments in build-operate-transfer/public-private partnership projects and seasonally high working capital needs," says Chenyi Lu, a Moody's Vice President and Senior Credit Officer.