May 24 (UPI) -- Moody's Investors Service reduced China's sovereign credit rating on Wednesday, citing the country's rising debt and slowing economy.
The international bond credit rating service downgraded China's credit rating one degree, from Aa3 to A1, and changed its outlook, a one-word term describing Moody's expectations, from "stable" to "negative." The demotion indicates the bond rating firm regards China's capacity to meet financial commitments is "strong," as opposed to "very strong."