Rating agency S&P has downgraded seven Chinese local-government financing vehicles (LGFVs), on the view that local governments are less likely to provide bailouts if these companies verge towards default, highlighting the punishing impact of Beijing’s austerity campaign.
評級機構標普(S&P)下調了7家中國地方政府融資平臺的評級，認爲如果這些公司瀕臨違約，地方政府不太可能會提供紓困。這突顯出了中國政府緊縮行動的懲罰性影響。
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