S&P rates Yili, notes A-

S&P said it gave A- ratings to Yili Industrial Group Ltd. and its planned guaranteed senior unsecured notes.

“The rating on Yili reflects the company’s leading market position in China’s dairy industry, efficient operations, strong cash flow generation capability, and minimal leverage,” S&P said in a press release.

The agency assigned a stable outlook. “The stable outlook reflects our expectation that Yili will grow at a high-single-digit percentage, achieve a stable EBITDA margin of 9%-11%, maintain leverage below 1x and generate positive free cash flow over the next 18-24 months,” S&P said.

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