China’s debt rating may be cut for the first time in 12 years after a record jump in lending added to risks that bad loans will overwhelm banks in the world’s fastest-growing major economy. Fitch Ratings lowered its outlook on China’s AA- long-term local-currency rating to “negative” from “stable,” citing a “high likelihood of a significant deterioration” in banks’ asset quality within three years, London-based Fitch said in a statement yesterday. – Bloomberg
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