Standard and Poor’s (S&P) Credit Rating Agency downgraded China’s long-term sovereign credit profile from A+ to AA- and its short-term rating from A-1+ to A-1 on Thursday.
This is the third downgrade of its kind, following Moody’s Investors Service and Fitch Ratings.
Beijing’s long term credibility suffers from the accumulation of public and private debt, boosted during a prolonged period of credit-fueled stimulus, according to S&P. This estimate is in line with the analysis of the Int...
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