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Research Update: GCL-Poly Energy Holdings Assigned 'BB+' Rating, Outlook Stable; Proposed Bonds Rated 'BB'
Standard & Poors, May 2011
Abstract
In our view, China-based maker of solar polysilicon and solar wafer, GCL-Poly, is susceptible to high industry risk, and has a short record of large-scale operation in the photovoltaic industry and an aggressive expansion plan for the next two years. The company's competitive cost structure and strong market position support the rating. We are assigning our 'BB+' long-term corporate credit rating to GCL-Poly, with a 'cnBBB+' Greater China credit scale rating. We are also assigning our 'BB' issue rating to GCL-Poly's proposed senior unsecured bonds with a 'cnBBB' Greater China credit scale rating. The stable outlook reflects our expectation that GCL-Poly's strong market position and competitive cost structure will keep profitability satisfactory. On May 13, 2011, Standard & Poor's Ratings...
Companies mentioned in this report are: GCL-Poly Energy Holdings Ltd.
Action: New Rating
Action: Outlook: Stable
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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