Fitch Ratings on Jan. 15 affirmed and subsequently withdrew the B-/B long- and short-term issuer default ratings of Bermuda-based Renaissance Financial Holdings Ltd., citing commercial reasons.

The long-term rating carried a stable outlook at the time of the withdrawal. Fitch also took the same action on the company's B- senior unsecured debt rating.

Renaissance Financial is the holding company of investment firm Renaissance Capital. Their ultimate parent is Russia's Onexim Group.