Moody's cuts China Orienwise to Ca

Moody's Investors Service said it downgraded China Orienwise Ltd.'s corporate family and senior unsecured debt ratings to Ca from Caa1. The ratings remain on review for further possible downgrade.

The downgrade follows the company's filing of financial statements in October, Moody's said, and a high likelihood of default and the potential for above-average loss severity in the event of default.

Deloitte & Touche, China Orienwise's external auditor, has disclaimed from issuing any conclusion on its review of the company's interim financial information, the agency said, and has raised concerns over China Orienwise's ability to continue as a going concern.

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