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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	11/11/2010 7:57:16 AM
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Moody’s Raises China Debt Rating on Financial Strength (Update1) By Bloomberg News Nov. 11 (Bloomberg) -- Moody’s Investors Service raised China’s debt rating to its fourth highest ranking, citing the nation’s financial strength and ability to contain losses from a credit boom. The increase is to Aa3 from A1, with a positive outlook, Moody’s said in a statement today. The cost of protecting China’s sovereign debt against default for five years fell three basis points to 53.5 basis points, according to BNP Paribas price for credit-default swaps. The nation’s efforts to tackle asset bubbles and avert the spread of bad loans has meant the “likely containment and effective management” of losses from record lending last year to counter the financial crisis, Moody’s said. That combined with China’s “resilient” economic growth were reasons for the upgrade, the ratings company said. “There is the potential for other ratings agencies to follow,” said Frances Cheung, a Hong Kong-based senior strategist at Credit Agricole CIB. “If you look at China’s external positions, or the loan-to-deposit ratio and the growth potential, of course China should be even higher on the table.” Read more noir.bloomberg.com

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