Moody's confirms China Orienwise

Moody's Investors Service said it confirmed China Orienwise's corporate family and senior unsecured debt ratings at Ca, concluding a downgrade review that began in Nov..

The outlook is negative.

The confirmation reflects an expectation that losses to the company's bondholders would be moderate, Moody's said.

The company is making progress in restructuring its operations, the agency said, and the support shown by some of its noteholders, shareholders and the government of Shenzhen should help such efforts.

The rating also reflects an expectation that the company's profitability and capitalization will remain weak due to recent disruptions to its business and expected high delinquencies in its financial guarantee and entrusted loan portfolio, Moody's said.

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