China's credit rating downgraded amid fears over slowing economy

Moody's lowers country's rating for first time since 1989 to reflect concerns over rising debt

China's credit rating has been downgraded by Moody's for the first time in almost 30 years over fears that slowing growth and rising debts will weaken the world's second largest economy.

The agency lowered China's sovereign rating by one notch to A1 from Aa3, putting it in the same category as countries such as Japan and Israel. The outlook was raised to stable from negative.

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