Moody’s dips Dongxing Securities

Moody’s Investors Service said it downgraded Dongxing Securities Co., Ltd.’s foreign- and local-currency issuer ratings to Baa3 from Baa2. The agency also lowered Dongxing Voyage Co. Ltd.'s backed local-currency senior unsecured debt, which is guaranteed by Dongxing Securities.

The rating actions conclude the review for downgrade that Moody’s started on Dec. 7. The outlook is now stable.

The downgrades follow a similar action on Dongxing’s parent China Orient Asset Management Co., Ltd. on Friday, the agency said.

“The stable outlook on Dongxing Securities reflects Moody's view that the current affiliate and government support uplift incorporated in Dongxing Securities' issuer ratings will likely remain stable,” the agency said in a press release.

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