Fitch puts China Huarong on negative watch

Fitch said it placed China Huarong Asset Management Co., Ltd.'s long-term issuer default rating of A on rating watch negative.

Fitch also placed the ratings of the senior unsecured and subordinated notes under Huarong Finance II Co. Ltd., Huarong Finance 2017 Co., Ltd. and Huarong Finance 2019 Co., Ltd. on RWN. The notes are credit-linked to China Huarong and Fitch's internal assessment of China Huarong International Holdings Ltd., the agency said.

The action follows China Huarong's recent announcement of a delay in reporting its 2020 annual results, as its auditor needs more time to consider a relevant transaction, Fitch said.

“The RWN reflects limited transparency over the time frame for resolving the issue and uncertainty over the potential impact in the event of a prolonged delay. Fitch expects to resolve the RWN upon the release of further details on the reason for the delay,” the agency said in a press release.

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