Moody’s lifts Texhong view to stable

Moody’s Investors Service said it changed Texhong Textile Group Ltd.’s outlook to stable from negative.

The agency also said it affirmed the company’s Ba3 corporate family and senior unsecured bond ratings.

The outlook revision reflects Texhong’s improved profitability as the company has grown its revenue and improved its adjusted EBITDA margin despite China’s weak economic environment, Moody’s said.

Texhong’s revenue grew by a modest 1% to RMB 10.6 billion in 2015, mainly driven by a 10.5% increase in sales volume of yarn, the agency said, but it was offset by lower average selling prices.

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