Fitch cuts China Huiyuan Juice, notes

Fitch Ratings said it downgraded China Huiyuan Juice Group Ltd.’s long-term foreign-currency issuer default rating to B from B+.

The agency also downgraded the company’s senior unsecured rating and the rating on its $200 million 6˝% senior notes due 2020 to B from B+ with a recovery rating of RR4.

All ratings were placed on rating watch negative.

Fitch said the one-notch downgrade reflects China Huiyuan Juice’s weak corporate governance and lack of sufficient internal controls, as evidenced by the company's failure to promptly disclose and obtain independent shareholder approval for a major transaction involving a related party.

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