Rated engineering and construction (E&C) companies in China will likely see slower revenue growth of 4%-7% in 2024, from an anticipated 7%-10% in 2023. We mainly attribute this to their high revenue base and moderated growth in new orders. S&P Global Ratings believes the credit profiles of most rated E&C companies will be stable in 2024. EBITDA expansion will tend to keep their interest coverage ratios (our usual rating trigger) steady.