Yanfeng Automotive Interiors obtains 'BBB-'and 'Baa3' Investment Grade Ratings from Standard & Poor's and Moody's
SHANGHAI, China - February 28, 2017. Yanfeng Global Automotive Interior Systems Co, Ltd. (YFAI) is pleased to announce that it has been assigned a first time credit rating of 'BBB-' from Standard and Poor's (S&P) and 'Baa3' from Moody's Investors Service (Moody's), both with a stable outlook. S&P and Moody's assigned their investment grade ratings on February 28, 2017. The assigned ratings will be subject to annual reviews by both agencies.
Standard & Poor's assigned YFAI with a first time rating of BBB- with a stable outlook.
Moody's Investors Service has assigned a first-time provisional (P)Baa3 issuer rating with a stable outlook. Moody's will remove the provisional status of the rating once YFAI publishes 2016 audited financial statements.
"Being assigned Investment Grade by both S&P and Moody's underscores and recognizes the quality and strong position of YFAI in the global automotive interiors market," said Johannes Roters, CEO of Yanfeng Automotive Interiors. "The assigned ratings will contribute further to execute our growth strategies servicing our customers through our global footprint and in addition will provide greater flexibility and opportunity in delivering world class technology and product offerings globally."
"We are pleased with the ratings we have received from Moody's and S&P," said Robert VanHimbergen, CFO YFAI, "These ratings validate our business, financial performance, strong balance sheet, prudent policies and recognizes Yanfeng Automotive Interiors' position as an industry leader."