Rival agencies of Moody's confirm no change in China's credit rating
S&P Global Ratings and Fitch Ratings, rival agencies of Moody's, both confirmed on Wednesday that there have been no changes in their ratings on China.
S&P Global Ratings affirmed A+ long-term ratings on China in June with a stable outlook, while Fitch Ratings affirmed China at A+ with an outlook stable in August.
"It is important to note that even with the recent economic challenges, our growth outlook for China remains quite strong compared to its rating peers," said Jeremy Zook, director of Asia-Pacific Sovereign Ratings at Fitch Ratings, at "Fitch on China conference" held in Shanghai late last month.
"The integral role China plays in global supply chains will likely remain a supporting factor for the sovereign rating, along with broader external finance strengths from high foreign exchange reserves and a strong external creditor position," Zook said.
"China's share of the global export market has continued to rise steadily, despite geopolitical pressures. China now plays a critical role in a range of emerging technologies, including batteries, EVs, and renewable energy," he said.
liuzhihua@chinadaily.com.cn
