Fitch's negative outlook for China is more bad news for its stalling economy [Business Insider]
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Source: Business Insider
Policymakers are also battling faltering growth and an ongoing property-market crisis. Fitch Ratings has cut its outlook for China, adding to the gloom surrounding the world's second-largest economy. Beijing is likely to pile up more debt as it tries to "transition away from property-reliant growth to what the government views as a more sustainable growth model," the credit ratings agency said . It cut its outlook from "stable" to "negative," but maintained its overall rating at "A+." The move comes after Moody's Investor Services, another major credit-rating agency, also downgraded its outlook for China to "negative" in December. Such downgrades tend to be a symptom of economic uncertainty, rather than a source of further misery. Fitch slashed its rating for the US in August, citing political deadlock surrounding the debt-ceiling crisis. However, the downgrade did not trigger a recession or stop stocks from posting one of their best 12 months for many years Still, the Fitc
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