Credit rating agency Moody’s said on Tuesday it had issued a negative outlook for the financial health of the Chinese government.
Shifting its outlook from stable, Moody’s expressed concern over the potential cost of the national government bailing out debt-burdened regional and local governments and state-owned businesses. Moody’s has warned that China’s economy appears to be settling into slower growth while the country’s huge Property sector started to shrink.
China’s finance ministry immediately expressed disappointment, saying the Chinese economy is resilient and local government budgets can withstand the loss of revenue from the country’s real estate slump.
Moody’s reaffirmed its overall A1 credit rating for the Chinese government. A negative outlook on credit ratings is not necessarily followed by a downgrade in subsequent months, but serves as a warning that the existing rating may not be sustainable.
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