China downgraded by Moody's for the first time in 28 years
Moody's Investors Service on Wednesday downgraded China's credit ratings for first time since 1989, saying it expects the economy's financial strength to erode in coming years as growth slows and debt rises. Moodyâs reduced the rating to A1 from Aa3, while also changing the outlook to stable from negative. However, China argued the credit downgrade was based on inappropriate methodology. 