US rating agency Moody’s advised their staff in China to work from home on the day it was due to announce a downgrade in the country’s sovereign credit rating, the Financial Times reported.
Sources claim there was genuine worry over a backlash after Moody’s highlighted a slower growth forecast and soaring government debt as two of the main reasons behind the cut in outlook, the story went on.
Despite the concerns, the rating agency then on Wednesday also lowered its outlook for Hong Kong, Macau and 18 Chinese state-owned and private companies, including tech groups Tencent and Alibaba, from stable to negative.
Read the full story: The Financial Times
- By Sean O’Meara
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