(Bloomberg) -- Eleven Chinese companies lost their credit ratings Friday at Moody’s Investors Service, which withdrew the scores in an unusual flurry that underscores fallout from record defaults. 

The action kicked off in the early afternoon with one of the country’s major bad-debt managers, China Great Wall Asset Management. The credit assessor removed its Baa3 score, which was one step away from junk territory and had been on review for a cut. Moody’s offered little detailed explanation, only citing “business reasons.”

That remained the only explanation later in the day when the company went on to withdraw scores from ten Chinese developers, including including Logan Group Co., Ronshine China Holdings and Zhenro Properties Group. All of the builders have previously defaulted, and with global investors demanding prohibitively expensive yields have effectively been shut out of international debt markets. 

Click here for the full list of withdrawn ratings Friday

The sudden action comes after Moody’s cut its outlook for Chinese sovereign bonds to negative in December, which the government criticized as reflecting outdated property market conditions and failing to take into account a shift toward more rounded growth. The rating company had advised its staff in China to work from home ahead of its announcement on that cut, the Financial Times reported at the time.

Moody’s declined to comment when asked for elaboration on what “business reasons” means in the moves Friday. 

But its website explains that in general the term shows an “attempt to balance the informational benefit to market participants from maintaining a credit rating against the resources required to maintain and monitor that credit rating or other business considerations.”

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