China's credit rating downgraded by S&P

From BBC - September 21, 2017

China's credit rating has been downgraded by Standard & Poor's (S&P) because of worries over the rapid build up of debt in the country.

S&P cut China's rating by one notch from AA- to A+, saying its debts had raised "economic and financial risks".

The International Monetary Fund warned in August that China's credit growth was on a "dangerous trajectory".

S&P's move puts its rating for China on a par with the two other major credit rating agencies, Moody's and Fitch.

The downgrade comes a month ahead of the Communist Party Congress, the country's most significant political meeting which takes place only twice a decade and sets economic policy for the coming five years.


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