Fitch Ratings has withdrawn China-based Guangzhou Asset Management Co., Ltd.'s (GZAMC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'BBB' with a Stable Outlook.

Fitch is withdrawing the ratings as GZAMC has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings.

Accordingly, Fitch will no longer provide ratings or analytical coverage for GZAMC.

KEY RATING DRIVERS

Not applicable, as the ratings have been withdrawn.

Derivation Summary

Not applicable, as the ratings have been withdrawn.

Issuer Profile

GZAMC, established in 2017, is the second asset-management company in Guangdong province licensed by the China Banking and Insurance Regulatory Commission for the bulk purchase and disposal of financial non-performing assets.

Rating Sensitivities

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Not applicable, as the ratings have been withdrawn.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Not applicable, as the ratings have been withdrawn.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

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