Fitch Ratings rated TCL Electronics' (HKG:1070) long-term foreign- and local-currency issuer default ratings at BBB-, according to a Wednesday note by the debt watcher.

The ratings reflect the appliance maker's growing market share for its televisions as it has become the second-largest global manufacturer of TVs by shipments, the report said.

Fitch's outlook on TCL Electronics' ratings is stable, reflecting a rise in its TV business in the next two to three years.

Lesser volatility in its upstream panel costs will help bolster its profit margin amid high memory and energy expenses, Fitch said.

Worldwide shipments of TVs could remain stable at 200 million, but TCL Electronics' dominance in the mini-LED TV market should help sustain its growth beyond industry standards, Fitch said.