S&P Cuts China Just Ahead Of Party Congress

Well, the timing leaves something to be desired. Showing not much in the way of decorum ahead of the Party Congress, S&P downgraded China this morning to A+ From AA- (stable) citing economic and financial risks from explosive credit growth. “Although this credit growth had contributed to strong real GDP growth and higher asset prices, we believe it has also diminished financial stability to some extent," the ratings agency said. This of course comes on the heels of the Moody's downgra