Fitch put Huarong Industrial on watch

Fitch Ratings said it placed Huarong Industrial Investment & Management Co., Ltd.'s BBB+ long-term foreign-currency issuer default rating on rating watch negative. The BBB+ rating on the outstanding senior unsecured bonds issued by Huarong Universe Investment Holding Ltd. and guaranteed by Huarong Industrial has also been placed on RWN.

“The rating action comes after Fitch placed the A rating on Huarong Industrial's parent, China Huarong Asset Management Co. Ltd. (China Huarong), on RWN on April 13, due to China Huarong's announcement of a delay in the publication of its 2020 annual results, as more time is needed for the auditor regarding a relevant transaction,” the agency said in a press release.

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