S&P backs timber
By Lydia Chen |
August 6, 2011, Saturday
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Print Edition
Print Edition
RATING agency Standard & Poor's yesterday raised the long-term corporate credit rating on Hong Kong-listed China Forestry on the basis of a reduced default risk after the company secured a tender offer for partial redemption of its debt.
S&P raised the rating on China Forestry, a timber supply company partly owned by US buyout firm Carlyle Group, and on its senior unsecured notes to CCC– from CC, despite the suspension of trading in the company's shares since January 26 over allegations of accounting irregularities.
Hong Kong has also started court proceedings against the company.
S&P raised the rating on China Forestry, a timber supply company partly owned by US buyout firm Carlyle Group, and on its senior unsecured notes to CCC– from CC, despite the suspension of trading in the company's shares since January 26 over allegations of accounting irregularities.
Hong Kong has also started court proceedings against the company.
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