Fitch: No affect on Eastern Media

Fitch Ratings said the ratings and outlooks of Eastern Media International Corp. are not affected by the Jan. 4 filings for corporate reorganization by China Rebar Co., Ltd. and Chia Hsin Food & Synthetic Fiber Co., Ltd., both members of the Rebar Group. EMI is rated long-term issuer default BB and national long-term BBB+(twn), both with stable outlooks.

Eastern Media inevitably suffers some impact on management reputation as a result of the family relationship between its chairman and the chairmen and presidents of both China Rebar and Chia Hsin. However, Fitch said the credit profile of Eastern Media remains intact.

Eastern Media has made assurances to Fitch that the company has no intention of providing financial support to the Rebar Group. Fitch said this is unlikely to lead to changes to the ownership or strategy for Eastern Media, which is likely to remain under the control of its chairman, senior management and Eastern Multimedia Group companies, as these parties own a combined share of more than 20% of the company's shares, Fitch said.

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