Fitch rates YCL Electronics bonds A+(twn)

Fitch Ratings said it assigned YCL Electronics Co., Ltd. a national long-term rating of CCC(twn), national rating of A+(twn) to the NT$80 million three-year zero coupon senior secured convertible bonds to be issued in August 2008. The final rating is contingent upon receipt of final documents.

The outlook is stable.

The rating reflects the company's weak credit metrics and small operating scale, Fitch said.

The rating also reflects severe industry competition, low barriers to entry and weak growth momentum of magnetic electronic components, which YCL produces, the agency said.

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