The sale allows the company to streamline its investments, recover capital, and refocus on its core business operations as part of its planned exit strategy, it said. Once a top developer by sales, Country Garden is undergoing an offshore debt restructuring after defaulting on its $11 billion offshore bonds last year.
"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.