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International rating agency Moody's Investors Service downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed
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International rating agency Moody's Investors Service downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to stable from negative on May 24. Officials from China's Ministry of Finance, the National Development and Reform Commission and the Ministry of Commerce as well as many economists expressed disagreement with the agency's rating immediately after the downgrade announcement. As a matter of fact, it's unnecessary to react so intensively to the downgrade by Moody's because the fairness, professionalism and influence of the agency are questionable.
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