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Financial News: Fitch Maintains China's Sovereign Ratings

Fitch Maintains China's Sovereign Ratings

11/19/2019 - 22:42:00 (RTTNews)

(RTTNews) - Fitch Ratings on Wednesday maintained China's sovereign ratings at 'A+' with a stable outlook.

The agency said the ratings were underpinned by China's strong external finances, robust macroeconomic performance, and size as the world's second-largest economy.

However, the ratings were constrained mainly by its large structural vulnerabilities in the financial sector, relatively low per capita income and weaker governance metrics than those of 'A' rated peers.

The rating agency forecast China's growth to ease to 5.7 percent next year from 6.1 percent in 2019.

The budget deficit is expected to widen to 6.3 percent in 2020, under the assumption that further spending increases will be approved early next year to neutralize downside growth pressures.

Fitch viewed that China has some room at its existing rating level to accommodate a temporary period of elevated fiscal deficits.

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