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Moody’s could drop Citic
Moody's Investors Service said it placed Citic Securities Co. Ltd.’s Baa1 foreign currency long-term issuer rating and P-2 foreign currency short-term issuer rating on review for downgrade.
The agency also placed the Baa1 long-term senior unsecured debt rating and the provisional Baa1 long-term senior unsecured medium-term note program rating assigned to Citic Securities Finance MTN Co., Ltd. on review for downgrade. Both notes are guaranteed by Citic Securities.
The action follows the Aug. 30 announcement by Citic Securities that several members of its senior management and employees of Citic Securities have been requested by Chinese police to assist in an investigation. Moody's believes that the ongoing investigation, the outcome and timing of which are highly uncertain, could increase the company's operating risk and deplete franchise value.
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