OREANDA-NEWS. Fitch Ratings has withdrawn Hua Han Health Industry Holdings Limited's (Hua Han) Long-Term Foreign-Currency Issuer Default Rating (IDR), senior unsecured rating and the rating on the USD150m bonds of 'B+'. The ratings were on Negative Watch at the point of withdrawal.

Hua Han announced on 30 September 2016 that its auditor Ernst & Young has suspended audit work after noting certain accounting irregularities. As a result, Fitch can no longer ascertain Hua Han's liquidity position, which Fitch views as critical for maintaining ratings on Hua Han. Hua Han's management has not responded to multiple requests by Fitch for clarification.

Fitch is withdrawing the ratings as Hua Han has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings for Hua Han.

RATING SENSITIVITIES

No longer relevant as the ratings have been withdrawn.