Standard & Poor’s cuts China credit outlook to negative

Baku. 31 March.REPORT.AZ/ Standard and Poor’s has cut its outlook for both China and Hong Kong’s sovereign credit rating to negative from stable, Report informs, the agency said.

China’s present rating stands at AA- while Hong Kong’s is AAA.

The downgrade for the outlook for China follows a similar move by ratings agency Moody’s in early March.

S&P attributed its decision to concerns that China’s economic rebalancing was likely to proceed more slowly than expected, but added that it believed the country’s reform agenda was “on track”.

The rating agency also believed Hong Kong’s economy was likely to grow faster than the average of high-income economies over the next three years.