S&P reviews Jiuding Group

S&P said it placed its BB long-term and B short-term issuer credit ratings on Tongchuangjiuding Investment Management Group Co. Ltd. (Jiuding Group) on CreditWatch with developing implications.

The agency also placed the BB long-term issue rating on the senior unsecured debt the company guarantees on CreditWatch with developing implications.

“We placed the ratings on CreditWatch to reflect significant uncertainty relating to Jiuding Group's business and financial risk profile following the company's proposed divestment of its securities operations,” S&P said in a news release.

“The CreditWatch placement also reflects a view that the possible shakeup of Jiuding Group's key operations, together with a regulatory inquiry, necessitates a revisit to our assessment of Jiuding Group's management and governance.”

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