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S&P cuts Ocean Grand Holdings to D
Standard & Poor's said it lowered its long-term corporate credit rating on Ocean Grand Holdings Ltd. (OGH) to D from B.
At the same time, it lowered its issue rating on $160 million senior unsecured notes due 2010 to D from B.
The agency added that the ratings were removed from CreditWatch, where they had been placed with negative implications on July 12.
S&P noted that the downgrades follow an announcement that the Hong Kong Securities and Futures Commission is investigating OGH and its subsidiary, Ocean Grand Chemical Holdings Ltd., in connection with activities that may prove to be fraudulent.
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