Credit rating agency Fitch International said it has pulled out of its joint venture with Beijing-based China Chengxin International Credit Rating, the mainland's sole Sino-foreign JV licensed to rate RMB bond issues. Fitch said it had secured regulatory approval to sell its US$433,000 30% stake in the venture to other shareholders. The World Bank's investment arm, International Finance Corp, holds a 15% stake. Fitch said the move was in line with the company's global strategy of securing majority control over its overseas subsidiaries. The company said it would focus on expanding its Beijing representative office.
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