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S&P: Sino-Forest unaffected
Standard & Poor's said that its BB- corporate credit rating on Sino-Forest Corp.'s (BB-/stable/--) is not affected by the company's decision to appoint BDO McCabe Lo & Co. as its auditor in place of Ernst & Young.
Hong Kong-based BDO McCabe Lo & Co. is an affiliate of BDO Dunwoody LLP and a member of BDO International.
S&P said Sino Forest's management maintains that the switch was made to facilitate the auditing process as it reports on businesses assets and operations residing in foreign jurisdictions. The company received a clean or unqualified opinion on its 2004 financial report.
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