S&P cuts Ocean Grand

Standard & Poor's said it lowered its long-term corporate credit rating on Ocean Grand Holdings Ltd. to B from BB-.

At the same time, it lowered its issue rating on $160 million senior unsecured notes due 2010 to B from BB-, the agency said, adding that the ratings remain on CreditWatch with negative implications, where they were placed on July 12.

S&P noted that access to Ocean Grand's management has been limited since the company announced accounting irregularities on July 12, adding that the downgrade reflects its heightened concerns about the company's corporate governance and internal control systems.

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