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Moody’s Cuts China Debt Rating
Moody’s Investor Services has lowered its rating on China’s debt by one notch to A1 on worries about the country’s rising debt and slowing economic growth.
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Moody’s Investor Services has lowered its rating on China’s debt by one notch to A1 on worries about the country’s rising debt and slowing economic growth.
Last month the agency changed its outlook from “stable” to “negative.” This week’s rating downgrade was Moody’s first downward adjustment for China since 1989. The country’s rating now equals that of Israel, Japan and Saudi Arabia.
China’s debt has ballooned from 149% of gross domestic product in 2008 to 253% last year, according to J.P. Morgan. The Wall Street Journal says the increase has been driven by the country’s massive economic stimulus measures in 2008-2009 and overexpansion by key industries.
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