Sino-Forest, the Chinese forestry company fighting allegations of fraud, had its credit rating cut by Standard & Poor’s after delaying publication of its internal review into claims made by short seller Carson Block, causing its shares to slide.
The company’s long-term corporate credit rating was reduced to B from B plus and all of Sino-Forest’s ratings were kept on credit watch with negative implications, S&P said in a statement on Tuesday.
The downgrade sent its shares sliding as much as 16 per cent to C$4.22 by lunchtime in New York, the lowest in a month. The shares hit a record low of C$1.99 on June 21, after Mr Block’s research firm Muddy Waters on June 2 published allegations that Sino-Forest overstated its timberland holdings.
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