Tongwei Co., Ltd. (Initial Issuer Report)

Lianhe Ratings Global Limited (“Lianhe Global”) has assigned ‘BBB+’ global scale Long-term Issuer Credit Rating to Tongwei Co., Ltd. (“Tongwei”). The Outlook is Stable.

The Issuer Rating reflects Tongwei’s sizeable operating scale and leading market position in photovoltaic (“PV) industry, significant advantages in cost and operating efficiency, and the strong financial performance supported by high demand in PV power. However, Tongwei’s rating is constrained by the strong cyclicality of the PV industry and the intensified market competition.
The Stable Outlook reflects our expectation that Tongwei would maintain its established market position and high operational efficiency, which could help the company to maintain its financial leverage and liquidity at a manageable level.