S&P snips Powerlong

S&P said it lowered its ratings on Powerlong Real Estate Holdings Ltd. to B+ from BB- and on its senior unsecured notes to B from B+ after the company reported a delay in reporting its financials.

“We downgraded Powerlong because we consider the company's delay in publishing audited reports and the unexpected change in its auditor to indicate reduced financial transparency and corporate governance. We now assess the company's management and governance as weak, from our previous assessment of fair,” S&P said in a press release.

Given the lack of timely, sufficient and reliable information, the agency said it suspended all its Powerlong ratings.

The outlook is negative.

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