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

Posted online May 24, 2017 | 11:38 am

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.

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