Fitch’s China exit heralds ‘way forward’ for foreign rating agencies
Fitch Ratings has exited its joint venture in China. But far from being a step back, the move could allow the firm to set up a fully owned business. Although Fitch operated in the market for a decade, it was previously forced to play second fiddle to its local partner, said a source.
Fitch has sold its 49% stake in China Lianhe Credit Rating to GIC, the Singaporean sovereign wealth fund, but will continue to operate in China out of its Beijing and Shanghai offices, the credit rating agency said in a January 29 press release.The company’s executives dropped ...
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