Moody's may cut China Orienwise

Moody's Investors Service said it placed the Ba3 corporate family rating and senior unsecured bond rating of China Orienwise Ltd. on review for possible downgrade.

This action follows news that the board of directors of parent company Credit Orienwise Group Ltd. has launched an investigation into alleged fraud at the company and its subsidiaries, including China Orienwise, Moody's said.

The action also reflects concerns about any potential damage caused to China Orienwise and any adverse impact that the outcome of the investigation could have on the company's business, liquidity and financial profiles, the agency said.

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