Moody's cuts outlook for eight China banks on potential credit quality decline; downgrades Hong Kong too
Publishing timestamp: 2023-12-07 03:06:40
Summary
Moody's Investors Service has cut its outlook for eight Chinese banks to negative from stable, following a downgrade to China's credit ratings. Moody's also lowered Hong Kong's outlook from stable to negative, citing its linkages with mainland China. The downgrades highlight concerns over China's rising debt level and its impact on GDP growth. Moody's also slashed its outlook for 22 Chinese local government financing vehicles. Hong Kong's financial secretary remains optimistic about the city's economic resilience.
Sentiment: NEGATIVE
Tickers: 1398-HK, 1288-SZ, 1398-SZ, 1988-SZ, 1939-SZ,
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