Moody’s lowers China outlook after Fitch downgrade

Moody’s Investors Service on Tuesday affirmed China’s government’s bond rating of Aa3 but cut the outlook to stable from positive, the second pessimistic revision by a foreign ratings agency this month.

Last week, Fitch Ratings cut China’s long-term local currency credit rating to A-plus from AA-minus, citing concerns about the risk that excessive local government borrowing posed to the wider economy. Moody’s referred to the same issue in justifying its negative revision.

via Business feed http://www.scmp.com/business/economy/article/1215941/moodys-lowers-china-outlook-after-fitch-downgrade