Fitch believes Car Inc’s ongoing and substantial related party transactions with UCAR are a credit weakness. While the agency expects UCAR’s revenue contribution in the rental business to decline, related party transactions are likely to remain high, as UCAR’s Shenzhou Maimaiche business has become CAR Inc’s main channel for used car sales. KEY RATING DRIVERS Significant Related Party Transactions: UCAR, a leading Chinese business to consumer ride sharing company, is both the largest shareholder and largest customer of CAR Inc.
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