S&P puts Ocean Grand on watch

Standard & Poor's said it placed its BB- long-term corporate credit rating on Ocean Grand Holdings Ltd. on CreditWatch with negative implications.

At the same time, it also placed $160 million in senior unsecured notes due 2010 on CreditWatch with negative implications, the agency added.

S&P said that the rating actions follow an announcement that Ocean Grand has discovered potential accounting irregularities at its main subsidiary, OG Aluminium Co. Ltd.

The agency added that the company's operations are progressing as planned, with capacity at its site at Sanshui gradually coming on stream.

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