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Problems of China’s economy continue to generate new disappointing consequences. S&P revised on Thursday China’s credit rating. It is the second company that states about worsening of China’s creditability in March.
S&P maintains AA- rating, but lowers forecast to negative side. Earlier Moody’s had cut its forecast.
S&P states that reorientation of economy to domestic growth was lower than expected.
Demand was quite low during this year. Manufacturing and retail companies demonstrated weak activity.
Despite reduction of forecast, S&P notes with optimism some intentions with reforms and struggle against corruption.
S&P also notes that China’s rating may be lowered again if China’s government keeps economic growth at 6.5% and increases credits with paces faster than economic growth.