Moody’s lowers Hua Han Health, bonds to B1

Moody's Investors Service said it downgraded Hua Han Health Industry Holdings Ltd.'s corporate family and senior unsecured bond ratings to B1 from Ba3, and placed the ratings on review for further downgrade.

The action follows the suspension in trading of Hua Han's shares and debt securities on the Hong Kong Stock Exchange on Sept. 27, pending the release of inside information regarding the audit progress of its annual results.

The company's stock and debt security trading was last halted on Aug. 11, following a short-seller report alleging irregularities in Hua Han's financial reporting, and resumed only on Aug. 18.

"A delay in the completion and filing of its annual financial statements will add uncertainty over Hua Han's financial position," Moody's vice president and senior analyst Gloria Tsuen said in a news release.

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