Big news! Bad news for China!
"... Ratings agency Moody's slapped a downgrade warning on China's credit rating on Tuesday, saying costs to bail out local governments and state firms and control its property crisis would weigh on the world's No. 2 economy.
Moody's lowered the 'outlook' on China's A1 debt rating to "negative" from "stable" less than a month ...
Beijing likely needs to provide more support for debt-laden local governments and state firms which pose "broad downside risks to China's fiscal, economic and institutional strength," it added. ..."
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