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Moody's may upgrade China ratings
By Zhang Fengming |
October 19, 2010, Tuesday
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Print Edition
Print Edition
MOODY'S Investors Service said yesterday that government financial support and a relatively robust economy continue to support China's "A1" foreign and local currency bond ratings, which are under review for possible upgrade.
"The government's very high financial strength and ample fiscal headroom help mitigate underlying contingent liabilities in the financial system from posing systemic threats," Tom Byrne, a Moody's senior vice president, said in the rating agency's annual China report released yesterday.
China's government debt has remained low and deficits are financed by domestic creditors. Beside, China's high national savings and extraordinarily strong external payments position provide insulation from turbulence in the global financial markets, Byrne said.
The report follows Moody's earlier announcement that it had placed China's ratings on review for possible upgrade. At the time, Moody's cited China's resilient economy, quick, determined and effective stimulus program and the lack of erosion in central government financial credit fundamentals.
Moody's said it expects China's economy to grow 9.5 percent this year and between 8 percent and 9 percent in 2010.
China has a growth target of 8 percent this year. The economy grew 11.1 percent in the first half. Third-quarter data on gross domestic product is expected to be released on Thursday.
Over the longer term, growth may moderate as the government implements its new Five-Year Plan, which will likely focus on rebalancing the economy to improve equality in standards of living.
"The government's very high financial strength and ample fiscal headroom help mitigate underlying contingent liabilities in the financial system from posing systemic threats," Tom Byrne, a Moody's senior vice president, said in the rating agency's annual China report released yesterday.
China's government debt has remained low and deficits are financed by domestic creditors. Beside, China's high national savings and extraordinarily strong external payments position provide insulation from turbulence in the global financial markets, Byrne said.
The report follows Moody's earlier announcement that it had placed China's ratings on review for possible upgrade. At the time, Moody's cited China's resilient economy, quick, determined and effective stimulus program and the lack of erosion in central government financial credit fundamentals.
Moody's said it expects China's economy to grow 9.5 percent this year and between 8 percent and 9 percent in 2010.
China has a growth target of 8 percent this year. The economy grew 11.1 percent in the first half. Third-quarter data on gross domestic product is expected to be released on Thursday.
Over the longer term, growth may moderate as the government implements its new Five-Year Plan, which will likely focus on rebalancing the economy to improve equality in standards of living.
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