Fitch Ratings cut its outlook on China’s long-term credit rating to negative on Wednesday, citing uncertain prospects for the economy as the country transitions from its property-led growth model.
The move by the rating agency, which maintained the country’s A plus credit rating, follows a similar outlook downgrade from rival Moody’s Ratings in December.
“The outlook revision reflects increasing risks to China’s public finance outlook as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth to what the government views as a more sustainable growth model,” the agency said.
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