Fitch: GCL-Poly notes BBB-

Fitch Ratings said it assigned GCL-Poly Energy Holdings Ltd. a long-term foreign-currency issuer default rating of BBB-, along with a foreign-currency senior unsecured rating of BBB- and an expected rating of BBB- to its proposed dollar-denominated senior unsecured notes.

The outlook is stable.

The ratings are supported by its strong market position as one of the top three global producers of poly with a capacity of 21,000 metric tons and of photovoltaic wafer at a 3,500 mega watts capacity as of December 2010, Fitch said.

Other factors that support the rating include the company's low cost position, strong order book and the Chinese government's policy that supports poly production by large scale producers, the agency said.

But the volatile nature of the PV system market due to chunky capacity expansion and the lack of a strong PV technological leadership constrain its ratings, Fitch said.

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