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Samsung to remain solid financially despite virus: Fitch

SAT 2020 04 JUL 04:52:PM (GMT: SAT 2020 04 JUL 07:52:AM)

SEOUL, July 4 (Yonhap) -- Fitch Ratings on Saturday expected Samsung Electronics Co.''s financial status to remain solid despite the new coronavirus outbreak and its impact on its business.

Samsung Electronics'' credit profile of the AA- rating and its stable business outlook will remain solid despite near-term macro challenges stemming from coronavirus-related disruptions and competition with smaller Chinese rivals, Fitch said in a statement.

"The ratings are supported by Samsung Electronics'' technology leadership, robust market position and a diversified business portfolio that mitigates cash-flow fluctuation, particularly from the cyclical semiconductor and display-panel segments," it said.

Samsung to remain solid financially despite virus: Fitch - 1

The global ratings agency expected Samsung''s robust cash generation and substantial financial flexibility to support its strong financial position.

Samsung Electronics holds 107 trillion won in cash and cash equivalents as of the end of March, according to Fitch.

Fitch said competition from Chinese vendors will intensify in the semiconductor, display and smartphone industries, which will be difficult to reverse.

"However, we believe the company''s technological leadership, competitive advantage in high-end segments and strong brand identity should help maintain Korea''s market position, at least in the short to medium term," it said.