China's State Media Hits Out at Debt Downgrade With a Buffett Quote
- PBOC newspaper says A1 rating ‘not objective, not scientific’
- Outcry comes amid suspected state support of stocks, yuan
Why Moody's Downgraded China to A1
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When issuing their rebuttal of Moody’s Investors Service’s downgrade of China’s credit rating, state media didn’t just reel out any old hack, but the “God of Stocks.”
That’s how the Xinhua News Agency refers to legendary investor Warren Buffett, who -- according to their editorial slamming the cut -- suggested at a shareholder meeting last year that ratings agencies were wrong. Over on the front page of the overseas edition of the People’s Daily, Moody’s was accused of applying double standards in their China decision compared with Western nations. Investors, they implored, shouldn’t “blindly” pay heed.