(Yicai Global) Nov. 18 -- Moody's still has large-scale operations in China and will continue to make contributions to the country's sustainable growth and development, the American credit rating agency said to Yicai Global amid rumors of layoffs targeting its risk management unit.

The company is adjusting its global staff distribution based on the current and expected economic conditions, the New York-headquartered firm said. 

Bloomberg reported today, citing people familiar with the matter, that Moody’s has closed the China operations of its risk management division, laying off about 100 people. Moody’s Analytics closed its offices in Beijing, Shanghai and Shenzhen, after discussions about operating efficiency and profitability, while keeping its credit ratings business, the report added.

Insiders said to Yicai Global that the latest round of layoffs affected the company's consulting division and targeted its Shenzhen branch more than those in Beijing and Shanghai.

The move was most likely impacted by high-yield bonds, an insider said. Several employees were let go as the financial institution's global performance slumped this year. "But it is still optimistic about the Chinese credit rating market."

Editors: Zhang Yushuo, Emmi Laine, Xiao Yi