Fitch Ratings has withdrawn its rating on Hayleys PLC and will not provide ratings or analytical coverage of the firm.
"Fitch ratings has withdrawn Hayleys PLC's A+ (lka) National Long-Term rating with a Negative Outlook. Fitch will no longer provide ratings or analytical coverage of Hayleys PLC," a statement by the rating agency said.
When Fitch ratings downgraded Hayleys PLC's rating from AA- to A+ with a negative outlook, Hayleys shot back at the rating company demanding more transparency pertaining to the rationale behind the said downgrade.
There were media reports, suggesting that the Hayleys director board had been planning legal action against the rating agency.