S&P downgrades Hua Han Health, notes to B+

S&P said it lowered its long-term corporate credit rating on Hua Han Health Industry Holdings Ltd. to B+ from BB- and its long-term issue rating on the company's senior unsecured notes to B+ from BB-.

The agency also downgraded its Greater China regional scale ratings on Hua Han and the outstanding notes to cnBB from cnBB+.

All ratings remain on CreditWatch, where they were placed with negative implications on Aug. 17.

"We downgraded Hua Han because we believe the company's risk management has weakened and we see higher risk in its internal control," S&P credit analyst Sophie Lin said in a news release.

On Sept. 27, Hua Han suspended trading in its shares and debt securities pending an announcement of the audit progress of its annual results for the fiscal year ended June 30.

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