Fletcher Building has asked ratings agency Moody's to withdraw its credit rating of the company, as it reports continued pressures on its business and looks to cut debt.

The company has Moody's lowest investment grade rating of Baa3 rating, below which is considered a speculative grade and outside the limits for most institutional investment.

Generate investment specialist Greg Smith says the company's been selling assets over the past year and they're looking to simplify the business.

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