S&P affirms China ratings at AA-/A-1, Outlook remains Negative

The US-based credit ratings agency, Standard & Poor’s (S&P) published its latest credit review on China, noting the following:

Affirms China ratings at AA-/A-1, Outlook remains Negative

Reforms to fiscal and monetary policy coupled with anti-corruption campaign should help support its sovereign credit worthiness

Reliance of credit-fuelled growth poses downside risk of hard landing for economy

Negative outlook reflects S&P view of gradually increasing economic, financial risks to govt's creditworthiness, could result in a down grade this year or next