China Glass Holdings Limited. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘A’ global scale Long-term Issuer Credit Rating to China Glass Holdings Limited (“CNG”). The Outlook is Stable.

The Issuer Rating reflects CNG’s sizeable operating scale with nationwide and overseas production lines in glass industry, relatively diversified revenue underpinned by overseas expansion, and the strong support received from the major shareholders which mitigates CNG’s weak standalone financial profile with weakened profitability, high financial leverage and tight liquidity.

The Stable Outlook reflects our expectation that CNG would maintain its established market position and continue to receive strong support from its major shareholders.