Yanfeng International Automotive Technology Co. Ltd. (YFI) will see larger scale, an improving product portfolio, and a stronger balance sheet post the consolidation of the seating and safety business, which was transferred from its intermediate parent. The move will increase YFI's importance to its ultimate parent, Huayu Automotive Systems Co. Ltd. (HASCO), enhancing the rating buffer for the company. This is because YFI is the group's strategic platform for internationalization and the largest profit contributor. On Nov. 20, 2023, S&P Global Ratings affirmed its 'BBB-' long-term issuer credit rating on YFI, a major auto supplier based in China. The stable outlook reflects our view that both YFI and HASCO will maintain resilient operational performance and low financial leverage over the
