Fitch Ratings has officially announced the end of its relationship to China Chengxin International Credit Rating.
In fact, the two companies abandoned co-operation more than a year ago, but regulatory approval from the reliably tardy Chinese authorities has only just come through.
Under the terms of the transaction, Fitch sold its 30% stake back to the parent company of the ratings agency. The re-sale price was less than $1 million, enabling Fitch to break even on the transaction.
The JV was set up so that Fitch would provide international ratings and its expertise to the Chinese partner, whiich would focus on domestic ratings....