On Tuesday, Standard PoorÆs downgraded Ocean Grand Holdings OGH some 11 notches to single-D from single-B following an announcement that the Hong Kong Securities and Futures Commission HKSFC is investigating OGH after apparent accounting irregularities came to light. In its report, SPÆs credit analyst Bei Fu stated that, ôgiven a deterioration in the groupÆs cash position, OGH does not have the sufficient cash to repay short-term debt past due.
The downgrade to junk status effectively...
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