Moody’s cuts Tibet Financial Leasing

Moody’s Investors Service said it downgraded the corporate family rating, issuer rating and senior unsecured rating of Tibet Financial Leasing Co., Ltd. to B1 from Ba2.

Moody’s also placed all ratings on review for further downgrade. The previous outlook on the company was negative.

The action follows the company’s recent liquidity challenges stemming from the financial problems at its largest shareholder Tunghsu Group Co., Ltd., and weak corporate governance and internal control over related party transactions, Moody’s said.

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