Moody's cuts China Orienwise

Moody's Investors Service said it downgraded China Orienwise Ltd.'s corporate family and senior unsecured debt ratings to B3 from Ba3 and kept these ratings on review for possible further downgrade.

The downgrade reflects Moody's increased concern over the company's ability to meet one of its covenants by the end of September, Moody's said.

The agency also said it expects it will take a long time to resolve the ongoing fraud investigation at the company, and is concerned about its internal controls and corporate governance practices, particularly the lack of disclosure and transparency surrounding the investigation.

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