S&P puts Neo-China on watch

Standard & Poor's said it placed the B+ foreign-currency corporate credit rating of Neo-China Land Group (Holdings) Ltd. and the B+ issue rating on the company's $400 million senior unsecured notes on CreditWatch with negative implications following the resignation of Neo-China's company secretary and qualified accountant. Share trading in the company continues to be suspended.

The recent resignations raise questions over the company's internal control practices, the agency said, and the ratings could be lowered over the next few months if S&P believes a pending announcement by Neo-China will fundamentally affect the company's operations and growth.

Meanwhile, the agency said it views the company's liquidity position as currently adequate.

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