Fitch sells its stake in China joint venture

Credit rater seeks independent development after loosened limits

Fitch Ratings Inc has sold its minority stake in its China joint venture, sparking expectations that international ratings agencies might seek independent development in China, as the country has pledged to further open the credit rating sector to foreign players by removing ownership restrictions.

The global ratings agency announced on Monday the sale of its 49 percent equity interest in China Lianhe Credit Rating Co Ltd to Singapore's sovereign wealth fund GIC, without disclosing the value of the deal.