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Fitch affirms Hikvision at A-, withdraws ratings

Fitch Ratings affirmed Hangzhou Hikvision Digital Technology Co. Ltd.'s long-term foreign- and local-currency issuer default ratings and senior unsecured foreign-currency rating at A-, with a stable outlook.

With the affirmation, Fitch withdrew Hikvision's ratings due to commercial reasons.

The rating reflects the agency's expectations that Hikvision will sustain its secure market position and robust free cash flow generation, bolstered by strong market demand. Fitch also noted Hikvision's diverse customer portfolio, prudent financial framework and robust liquidity.

The rating agency forecasts the company's revenue compound annual growth rate will be 16% in the period from 2018 through 2022, supported by market share gains and sustained security expenditure around the world. Hikvision is expected to have a stable operating margin of 24% to 25% in 2019-2022, Fitch added.