Moody's downgrades China's rating

Baku. 24 May. REPORT.AZ/ Moody's Investors Service has today downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to stable from negative, Report informs referring to RIA.

The downgrade reflects Moody's expectation that China's financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows.

The stable outlook reflects the agency’s assessment that, at the A1 rating level, risks are balanced.

Downgrade of the rating caused China’s main stock market index - Shanghai Composite to drop by 0.8% to 3.037. Chinese yuan didn’t show any changes remaining at 6.90 CNY/USD.