S&P keeps 3D-Gold on watch

Standard & Poor's said its BB long-term foreign-currency corporate credit rating on 3D-Gold Jewellery Holdings Ltd. and the BB issue rating on 3D-Gold's $170 million senior unsecured notes remain on Creditwatch with negative implications, following an unconfirmed report in The Standard, a Hong Kong business publication, on Oct. 6, that an alleged HK$200 million fraud by a senior executive of 3D-Gold is now under police investigation.

3D-Gold has yet to make any public announcement regarding the situation, the agency said.

The ratings were placed on Creditwatch with negative implications on Oct. 2 because of a possible breach by 3D-Gold of its loan covenants under certain bank loan facilities, S&P noted.

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