Taiwan Ratings Corp. today(March 26) affirmed its ‘twAA-‘ long-term and ‘twA-1+’ short-term issuer credit ratings on Sino-American Silicon Products Inc. (SAS). The outlook on the long-term rating is stable.

The ratings on SAS continue to reflect the company’s good market position, diversified production bases, and the superior profitability of its silicon wafer production segment. The ratings also reflect our view that SAS can maintain very low debt leverage through its prudent financial management and strong operating cash flow generation over the next two years, despite elevated capital expenditure. The company’s relatively weaker market position and technology capabilities in the advanced silicon wafer applications partly offsets these rating strengths.