March 2, 2018 / 9:12 AM / a year ago

China Lianhe Credit Rating downgrades CEFC Shanghai International's bonds

SHANGHAI, March 2 (Reuters) - A major Chinese credit rating agency issued downgrades to CEFC Shanghai International group following media reports of the detention of the chairman of CEFC China Energy.

China Lianhe Credit Rating Co said in a statement that it had downgraded CEFC Shanghai International’s long-term issuer rating to AA+ from AAA.

It also downgraded two of CEFC Shanghai International’s medium-term notes from AAA to AA+.

The company’s bonds have been suspended from trading after plunging on Thursday. (Reporting by Andrew Galbraith; Editing by Christian Schmollinger)

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