The financial outlook for Chinese companies is deteriorating at a record rate as a large debt overhang accumulated since the 2008 financial crisis and waning corporate profits presage an “extended period of subpar economic growth”, according to Moody’s, the credit rating agency.
The agency more than quadrupled the number of Chinese debt issuers it classified as having a “negative outlook bias” on their credit ratings at the end of the first quarter of this year, compared to the end of 2015.
A negative bias includes both those companies with ratings on review for a downgrade and those with a negative outlook on their rating.
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