Moody’s: Kangde Xin notes Ba3

Moody's Investors Service said it assigned a first-time Ba3 corporate family rating to Kangde Xin Composite Material Group Co., Ltd.

The outlook is stable.

The agency also said it assigned a provisional Ba3 rating to the proposed senior notes, which will be issued by Top Wise Excellence Enterprise Co., Ltd. and guaranteed by Kangde Xin.

The proceeds will be used for refinancing and general corporate purposes, the agency said.

The ratings reflect the company's strong growth prospects in the global optical film market and its technological capabilities, Moody’s said.

The company as strong leadership in the pre-coated laminating film market, vertically integrated business model, high profitability and strong liquidity, the agency said.

The ratings also consider its modest size relative to global manufacturers, higher working capital and capital expenditure requirements, Moody’s said.

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