Less than two weeks after China said it would open its domestic market to US rating agencies, Moody’s cut its credit rating for the first time in a quarter of a century.
It cited financial and economic risks flagged in recent months by Chinese officials, who were nonetheless quick to criticise the move. There followed automatic Moody’s downgrades of 26 state-owned enterprises with ratings tied to the government’s.
But while Moody’s decision yesterday will complicate efforts to attract foreign investors to the third-largest bond market, investors said it was unlikely to have a significant impact.
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