|
|
Article: Xinhua Far East Downgrades Issuer Rating of China Aviation Oil (Singapore) Corp Ltd to C (pi).
- Article from:
- PR Newswire
- Article date:
- December 1, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
NEW YORK, Dec. 1 /Xinhua-PRNewswire-FirstCall/ -- Xinhua Far East China Ratings (Xinhua Far East) today downgraded the issuer credit rating of China Aviation Oil (Singapore) Corp Ltd ("CAO" or "the Company", SGX ChinaAviOil) from A (pi) to C (pi), the lowest rating in Xinhua Far East's rating scale. CAO is the largest jet fuel supplier in China and the eighth largest in the world. It is also the largest Chinese corporation listed on the Singapore Stock Exchange.
The downgrade was prompted by CAO's shocking announcement on November 30, 2004 that it had suffered a huge trading loss from speculative derivatives trading and that it was accordingly proposing ...