Taiwan Ratings Corp. today (3/26) affirmed its ‘twAA-‘ long-term and ‘twA-1+’ short-term issuer credit ratings on GlobalWafers Co., Ltd. The outlook on the long-term rating is stable. The ratings on GlobalWafers continue to reflect the company’s steady market position, globally diversified production bases, and the company’s superior profitability backed by long-term supply agreements with key clients. The ratings also reflect our view that GlobalWafers can maintain very low debt leverage through its prudent financial management and strong operating cash flows over the next two years, despite elevated capital expenditure. The company’s weaker market position and technology capabilities in the advanced silicon wafer applications than larger global peers partly offsets these rating strengths.
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