YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
S&P Global Ratings lowered China's sovereign credit rating for the first time since 1999.
The country's rating was moved down to A+ from AA-. The company also lowered ratings on HSBC China, Hang Seng China and DBS Bank China Ltd.
“China’s prolonged period of strong credit growth has increased its economic and financial risks,” S&P officials said. “Although this credit growth had contributed to strong real gross domestic product growth and higher asset prices, we believe it has also diminished financial stability to some extent.”
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