Moody's cuts China debt rating for first time since 1989

Moody's Investors Service downgraded China's sovereign debt one notch to A1, marking the first cut since 1989.

A1 is the agency's fifth-highest rating.

According to Moody's, China's financial health will "erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows."

Read more from CNNMoney.

[[In-content Ad]]