June 27 (NBD) -- Kangde Xin Composite Material Group Co., Ltd. ("KDX", 002450.SZ) denied the media coverage that the international credit ratings agency Moody's Investors Service had downgraded its rating on KDX, the Chinese material technology firm announced Wednesday in a filing responding to queries from the Shenzhen Stock Exchange.

KDX further clarified that Moody's Investors Service on June 11 placed KDX's Ba3 ratings on review for downgrade, but two days later the ratings agency maintained the Ba3 corporate family ratings on KDX.

The fluctuation in KDX's foreign bonds is a normal phenomenon based on the market environment, the company's production and operation is running well and its financial structure is reasonable and functioning safely, the material technology firm noted in the same filing.

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