Fitch lowers Hua Han Health to B+

Fitch Ratings said it downgraded Hua Han Health Industry Holdings Ltd.'s long-term foreign-currency issuer default rating, senior unsecured rating and the rating on its $150 million senior notes due 2019 to B+ from BB-.

The ratings also remain on Rating Watch negative, where it was placed Aug. 16, Fitch said.

The recovery ratings on the senior unsecured rating and the rating on the $150 million senior notes are RR4.

The downgrade reflects the weakness of Hua Han's internal controls, which was evident in the company's delays in responding to allegations that it had inflated its revenue and cash balance, Fitch said.

That weakness constrains the ratings to the B category and Fitch said it believes uncertainty about its financial statements only will be adequately addressed after it publishes its audited results for the financial year ended June 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.