Standard & Poor’s Ratings Service (S&P) has cut its outlook on Xinhua Finance (XFL) from stable to negative. Xinhua Finance’s long-term corporate credit rating was re-affirmed as a ‘B’ rating. S&P stated that “the action reflects uncertainty over XFL’s future business strategy and financial performance following the company’s announcement that it is seeking consent from bondholders to change the designation of some of its U.S. assets from being restricted subsidiaries.”

Xinhua Financial provides financial data covering equity and currency markets in China. The company is listed on the Tokyo Mother’s board.  (Shanghai May 29th, 2008)

BIIA Newsletter June – 2008 Issue