Moody’s cuts China credit outlook to negative on rising debt

Moody's cuts outlook for Chinese sovereign bonds to negative, highlighting global concerns about debt levels in the world's second-largest economy. China's usage of fiscal stimulus to support local governments and state-owned companies poses downside risks to the economy, according to Moody's. This comes as China ramps up borrowing to bolster its economy amid a deepening property crisis. Moody's last downgraded China's credit rating in 2017 due to concerns about rising debt. Fitch Ratings has also expressed the possibility of reconsidering China's sovereign credit score. https://ift.tt/fqAPhpL