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To: voop who wrote (36312)	7/20/1999 11:26:00 PM
From: Ruffian	Read Replies (1) \| Respond to of 152472

?????????????????????????> Top Financial News Tue, 20 Jul 1999, 11:18pm EDT China's Credit Rating Cut to 'BBB' by Standard & Poor's as Growth Slows By Kenny Hargrove China Downgraded to 'BBB' From 'BBB+' By Standard & Poor's Hong Kong, July 21 (Bloomberg) - China's sovereign credit rating has been downgraded to ''BBB'' from ''BBB+'' by Standard & Poor's which also cut the government's short term rating to ''A- 3'' from ''A-2,'' as it warned of slowing mainland growth. The outlook on the long-term rating is now ''stable.'' ''The downgrade of the sovereign reflects lower trend growth prospects and rising fiscal costs of economic reforms,'' the international credit rating company said in a statement. ''Slower GDP growth in the coming years will exacerbate the financial strain on Chinese enterprises and deepen the losses of the state- owned commercial banks.'' The stable outlook reflects Standard & Poor's view that strong external liquidity and continuing economic reforms, including steps to strengthen legal and regulatory institutions, will support China's credit standing in the triple-'B' category going forward,'' said Standard & Poor's. The rating action also affects China Development Bank and the Export-Import Bank of China. Both government controlled bank's credit ratings were also cut to ''BBB'' from ''BBB+.''