Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BB+’ global scale Long-term Issuer Credit Rating to Kasen International Holdings Limited (“Kasen”). The Outlook is Stable.
The Issuer Rating reflects Kasen’s established market presence in the upholstered furniture sector, low financial leverage and limited debt scale, sufficient liquidity, as well as ongoing capital expenditure to support its overseas business expansion. However, Kasen’s rating is constrained by its weakened profitability and downward trajectory in operating income.
The Stable Outlook reflects our expectation that Kasen will continue to maintain its low leverage and manage its debt level prudently, and gradually stabilize its profitability in the following 12 to 24 months.