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."
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, China, the company has approximately 100 manufacturing plants and technical centers in 18 countries and more than 30,000 employees globally. YFAI designs, develops and manufactures interior components for all automakers. Established in 2015, Yanfeng Automotive Interiors is a joint venture between Yanfeng Automotive Trim Systems Co., Ltd, a wholly owned subsidiary of Huayu Automotive Systems Co., Ltd. (HASCO), the component group of SAIC Motor Corporation Limited (SAIC Motor), and Adient, the global leader in automotive seating.
For additional information, please visit www.YFAI.com.
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SOURCE Yanfeng Global Automotive Interior Systems Co, Ltd.