...+ Hongqiao announced the appointment of ShineWing HK as its new auditor, three months after the appointment of Baker Tilly to replace Ernst & Young. + We consider the prolonged delay in publishing its 2016 annual report and the recent auditor change to be signs of deficiency in internal controls and weak corporate governance. Further delays in the release of its financial statements may heighten the company's liquidity risk. + We are lowering our long-term corporate credit rating on the China-based aluminum producer to 'B' from 'B+'. At the same time, we are lowering the issue rating on the company's outstanding notes to 'B' from 'B+'. + The ratings on the company and its senior unsecured notes remain on CreditWatch with negative implications pending the publication of its audited 2016 annual report, and the company's rebuttal report against allegations made in the short-seller reports. HONG KONG (S&P Global Ratings) July 24, 2017-- S&P Global Ratings lowered its long-term corporate credit...
