Fitch Cuts China Rating on Weakening Finances, Debt Concerns
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Fitch Ratings downgraded China’s sovereign rating on concerns over weakening finances and rising public debt, just one day after the US imposed higher tariffs on the country.
The cut takes China’s long-term foreign currency default rating to ‘A’ from ‘A+’ with a stable outlook, Fitch said in a statement on Thursday. China’s Finance Ministry responded with a strong rebuke, describing the decision as biased and not reflective of reality.