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02382 SUNNY OPTICAL
RTNominal down202.600 -6.600 (-3.155%)
Research Report

25/03/2021 11:13

Moody's upgrades Sunny Optical's ratings to Baa1; stable

[ET Net News Agency, 25 March 2021] Moody's Investors Service has upgraded to Baa1 from
Baa2 the issuer rating and senior unsecured rating of Sunny Optical Technology (Group)
Company Limited (02382). The rating outlook remains stable.
"The upgrade to Baa1 reflects Sunny Optical's improving credit diversification which, in
our view, sufficiently mitigates structural subordination risk. The rating was previously
one notch lower than it would otherwise be because of Sunny Optical's holding company
status and structural subordination to claims at the operating company level," said Gerwin
Ho, a Moody's Vice President and Senior Credit Officer.
Sunny Optical has been improving its geographic diversification in terms of production
footprint through investing in production facilities in India and Vietnam since 2019.
Moody's expects the operating scale and asset base of the company's overseas operations to
rise as its customers undertake more production outside of China. The company's greater
geographical diversification in terms of production footprint will help mitigate its
structural subordination risk.
"Sunny Optical's prudent financial policy has helped it to achieve a strong financial
profile with low leverage, strong liquidity and a net cash position on a sustained basis,
despite rapidly evolving market conditions. These strengths place the company
appropriately at its Baa1 rating category," added Ho.
Sunny Optical's Baa1 issuer rating reflects the company's strong position as a global
optical component specialist with growing and diversifying end-markets and applications,
as well as its long operating track record of over 35 years. (KL)

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