RPT-Fitch Withdraws DBA Telecommunication's Ratings
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Oct 4 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has withdrawn DBA Telecommunication (Asia) Holdings Limited's (DBA) 'B+' Issuer Default Rating and senior unsecured rating. The ratings were on Watch Negative at the point of withdrawal. Fitch has withdrawn the rating as there is insufficient information to maintain it.
Fitch had placed DBA's ratings on Watch Negative on 21 June 2013 as the company had stated that there would be significant delay in the dissemination of its 2012 audited financial statements. The statements have still not been disseminated. Audited financials are an important component of materials Fitch uses in issuing and maintaining ratings.
In addition, on 3 October 2013, the company announced that its executive director and chief financial officer, Mr Ricky Chan, had resigned. Mr Chan considered that he was no longer able to properly discharge his duties as the company's Chinese operating subsidiaries had failed to address his concerns and provide clarifications and information required by its auditors in a timely manner.
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