Fitch plans to withdraw ratings of Country Garden Services (updated)

Country Garden Services Holdings

13/11/2023 02:32

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       Nov 13 (Reuters) - Global ratings agency Fitch said on
Monday it plans to withdraw all the ratings on China's Country
Garden Services Holding  6098.HK  on or about Dec. 12 for
commercial reasons.
     "Fitch believes that Country Garden Services investors
benefit from increased rating coverage by Fitch and is providing
approximately 30 days' notice to the market of the rating
withdrawal," the ratings agency said in a statement on Monday.
    Fitch had downgraded Country Garden Services to BB+ and
placed its rating on negative watch last week. 
    Chinese courts had ordered a freeze on 63.68 million yuan
worth of shares in two units of Country Garden Service, a sister
company of China's property giant Country Garden Holdings
 2007.HK , the nation's biggest private property developer.
    Country Garden Holdings missed its coupon payment in
October, triggering default terms. Reuters' had earlier reported
citing sources that the company aims to have an offshore debt
restructuring plan by year end.
     Country Garden has been in the spotlight since August when
its debt woes became public, rattling markets and forcing
Beijing to roll out more support measures for the nation's
embattled property sector. 

 (Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Kim
Coghill & Shri Navaratnam)
 ((ShubhenduSatish.Deshmukh@thomsonreuters.com;))