Thursday, August 13, 2020

S&P Downgrades China’s Credit Rating, Saying Rocketing Debt Is Stoking Economic Instability

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Standard & Poors lowered its view of China’s creditworthiness, less than a month ahead of the country’s most important and sensitive political gatherings.

S&P downgraded China to A+ from AA-, a one notch change. It also changed its outlook for the country’s credit rating from negative to stable, implying that investors should not expect further downgrades in the near future.

“The downgrade reflects our assessment that a prolonged period of strong credit growth has increased China’s economic and financial risks,” S&P said in a statement.

Moody’s Investor Service had downgraded China to a similar rating in May. Fitch downgraded China…

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