OTS - Standard & Poor's and Moody's Uphold Investment Grade Ratings for Yanfeng Automotive Interiors at 'BBB-'and 'Baa3'
2019. March 19. 15:52
Shanghai, 19 March, 2019 (APA/OTS) - Yanfeng Global Automotive
Interior Systems Co, Ltd. (YFAI) announced that S&P Global Ratings
(Standard and Poor's) and Moody's Investors Service (Moody's),
upheld their credit ratings of 'BBB-' and 'Baa3' both with a stable
outlook. Moody's updated their investment grade rating on January
31, 2019 and S&P on February 28, 2019. This is the third
consecutive year that S&P and Moody's have rated the company
investment grade. Both ratings are subject to continuous monitoring
by both agencies.
Standard & Poor's has affirmed YFAI's long-term corporate
rating of BBB- with a stable outlook. S&P attributed their rating
to such factors as a sound market position in automotive interiors;
global presence; established relationships with major automakers;
low debt leverage and prudent financial management.
Moody's Investors Service has continued to assign a Baa3 issuer
rating with a stable outlook in their update. This rating is based
on credit considerations such as YFAI's steady revenue generation,
driven by a strong position in the global automotive interior
market, as well as strong geographic diversification.
"We are pleased that S&P and Moody's have both upheld their
investment grade ratings for YFAI," said Steve Meszaros, CEO of
Yanfeng Automotive Interiors. "These ratings validate our status as
an industry leader that is well positioned to execute our strategic
priorities and serve our global customers in this period of
significant evolution in the global automotive industry."
"These ratings are an affirmation that our business is
well-positioned in the global market," said Michael Kleinheksel,
CFO of YFAI. "We continue to focus on disciplined execution and
improved efficiency as we deliver our commitments to customers."
Picture is available at AP Images (http://www.apimages.com)
For more information please contact:
Yanfeng Automotive Interiors
Jagenbergstraße 1
41468 Neuss
Germany
Astrid Schafmeister
Tel.: +49 2131 609-3028
E-Mail: astrid.schafmeister@yfai.com
About Yanfeng Automotive Interiors
Yanfeng Automotive Interiors (YFAI) is the global leader in
automotive interiors. YFAI is redefining how people relax, work and
play in their vehicle interiors today and decades from now.
Headquartered in Shanghai, the company has approximately 110
manufacturing plants and technical centers in 19 countries and more
than 33,000 employees globally. They design, develop and
manufacture interior components for all automakers. Established in
2015, Yanfeng Automotive Interiors is a joint venture between
Yanfeng, one of the largest automotive suppliers in China and
Adient, the global leader in automotive seating. For more
information, please visit www.YFAI.com.
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