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

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

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

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