Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘A’ global scale Long-term Issuer Credit Rating of 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 the glass industry, relatively diversified revenue underpinned by high-value-added glass products and overseas expansion, and the strong support received from the major shareholders, which mitigates CNG’s weak standalone financial profile with weak 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.