Lenovo Granted Strong Investment-Grade Ratings by �Big Three� Credit Rating Agencies

HONG KONG–(BUSINESS WIRE)–#fitch–Following a thorough assessment by the world�s three leading credit rating agencies, Lenovo Group (HKSE: 992) (Pink Sheets: LNVGY) has received strong inaugural investment-grade ratings. Moody’s rated Lenovo ‘Baa3’ with a stable outlook, Standard & Poor’s assigned Lenovo ‘BBB-’ rating with a stable outlook, and Fitch granted the company a ‘BBB-’ with a positive outlook.

These ratings recognize Lenovo’s market leadership, sustainable growth and outlook, coupled with robust financial fundamentals. The agencies highlight their expectation that Lenovo will continue to grow its revenue scale and scope whilst maintaining its profitability, leading position in the PC market and prudent approach to capital spending and investments.

According to Moody’s, the rating reflects the company’s position as a leading PC provider with a long operating history and track record of both organic and inorganic business growth, as well as the company’s diverse and balanced geographic presence, along with excellent financial liquidity.

For Standard & Poor’s, the rating reflects Lenovo’s strong position in the PC market, good supply chain management, geographic diversity in end-demand and manufacturing, and relatively low adjusted debt leverage.

Fitch’s rating reflects their expectations that Lenovo will continue to maintain its market leadership in the global PC industry with steadily improving profitability, further gains in the worldwide server market, robust software and service revenue, continued positive free cash flow generation and its commitment to use excess cash to pay down debts.

“These strong ratings reflect our track record of delivering sustainable long-term growth,” said Wai-Ming Wong, Chief Financial Officer of Lenovo. “We are committed to continuing the momentum through our core businesses as well as the new services and solutions opportunities presented by our service-led intelligent transformation.”

About Lenovo

Lenovo (HKSE: 992) (ADR: LNVGY) is a US$50 billion Fortune Global 500 company, with 63,000 employees and operating in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that create a more inclusive, trustworthy and sustainable digital society. By designing, engineering and building the world’s most complete portfolio of smart devices and infrastructure, we are also leading an Intelligent Transformation – to create better experiences and opportunities for millions of customers around the world. To find out more visit https://www.lenovo.com, follow us on LinkedIn, Facebook, Twitter, YouTube, Instagram, Weibo and read about the latest news via our StoryHub.

Contacts

Hong Kong – Angela Lee, angelalee@lenovo.com, +852 2516 4810

London – Charlotte West, cwest@lenovo.com, +44 7825 605720

Zeno Group – LenovoWWcorp@zenogroup.com