[ET Net News Agency, 10 July 2020] Moody's Investors Service has affirmed Tingyi
(Cayman Islands) Holding Corp.'s (00322) Baa1 issuer rating, and has revised the rating
outlook to positive from stable.
"The positive outlook reflects Tingyi's prudent financial policy, which has helped it
achieve a robust financial profile featuring low leverage, strong liquidity and net cash
position, despite the currently challenging operating conditions. We expect Tingyi will
maintain its strong financial profile over the next 2-3 years," said Ying Wang, a Moody's
Vice President and Senior Analyst.
Tingyi's leverage improved to 1.6x at the end of 2019 from 2.0x at the end of 2017.
Moody's expects the company will continue to deleverage to 1.3x-1.5x over the next 1-2
years. The company's low leverage, coupled with its solid net cash position and strong
liquidity, position Tingyi at the strong end of the Baa1 rating category. (KL)