Moody's eyes China Huarong for trim

Moody's Investors Service said it placed the A3 long-term issuer rating of China Huarong Asset Management Co., Ltd. under review for downgrade.

Moody's also put the debt ratings and medium-term note program ratings of Huarong AMC's offshore financing vehicles under review for downgrade. These include the Baa1 long-term backed senior unsecured debt ratings of Huarong Finance 2017 Co., Ltd. and Huarong Finance II Co., Ltd., as well as the Baa1 long-term backed senior unsecured debt rating of Huarong Finance 2019 Co., Ltd.

The review reflects the uncertainty stemming from Huarong AMC's March 31 announcement the publication of its 2020 annual results would be delayed as a relevant transaction is still being finalized, Moody’s explained. The company said its auditor would need more information and time to complete the audit.

Moody’s said it considers the delay a governance risk.

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