The issuer credit rating of Shanghai Yaohua Pilkington Glass Co. Ltd. (YPG) has been downgraded from "A+" to "BBB" by Xinhua Far East China Ratings, based on the deterioration of the company's operating and financial position since 2005. In a statement, the rating agency said the downgrade also reflected the inability of YPG's management to deal with market downturns and the firm's loss of competitive advantage in the Chinese glass industry. Float glass capacity in China has undergone rapid expansion in the past three years, and more production lines are likely to become operational in 2006 and 2007, bringing greater competition and over-capacity to the sector, Xinhua Far East added.
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机译：自2005年以来，由于公司经营和财务状况的恶化，上海耀华皮尔金顿玻璃有限公司（YPG）的发行人信用等级已由新华远东中国信用评级从“ A +”下调至“ BBB”。评级机构在声明中称，降级还反映了YPG管理层无法应对市场下滑以及该公司在中国玻璃行业的竞争优势丧失。新华远东补充说，过去三年来，中国的浮法玻璃产能已经快速增长，并且更多的生产线有望在2006年和2007年投入运营，从而给该行业带来更大的竞争和产能过剩。
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