Country Garden Pulls Out of S&P Rating Following Downgrade

What’s new: Real estate giant Country Garden Holdings Co. Ltd. withdrew from S&P Global Ratings’ credit rating after a downgrade and following discussions with S&P, China’s largest property developer by sales said.

S&P lowered its long-term issuer credit rating Tuesday on Country Garden to B+ from BB, citing weaker confidence in China’s private real estate companies, Country Garden’s narrowed financing channels and possible deterioration of the developer’s liquidity amid weakening sales.