Lianhe Ratings Global Limited (“Lianhe Global”) has affirmed ‘BBB+’ global scale Long-term Issuer Credit Rating of Tongwei Co., Ltd. (“Tongwei”). The Outlook is Stable.
The Issuer Rating reflects Tongwei’s sizeable operating scale, leading market position, cost advantage, and operating efficiency in the photovoltaic (“PV)) industry. However, Tongwei’s rating is constrained by the PV industry’s strong cyclicality and weakening financial performance amid a price downturn caused by overcapacity.
The Stable Outlook reflects our expectation that Tongwei would maintain its established market position and high operational efficiency, which could help the company withstand intensified market competition. We expect Tongwei’s operations to improve in the second half of 2025 after high-cost competitors exit the market.