Moody's cuts Ronshine

Moody's Investors Service said it downgraded Ronshine China Holdings Ltd.'s corporate family rating to Caa1 from B3 and senior unsecured rating to Caa2 from Caa1.

"The downgrade reflects Ronshine's increased liquidity and refinancing risks arising from its recent change in auditor and a likely delay in the reporting of its 2021 audited financials," said Alfred Hui, a Moody's analyst, in a press release.

On Monday, Ronshine reported the resignation of its auditor PricewaterhouseCoopers and the appointment of Elite Partners CPA Ltd. as its new auditor. Ronshine said it plans to report preliminary unaudited results for last year on March 31.

The outlook remains negative.

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