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China protested when the investors service lowered its credit rating 1 notch because of China’s rising debt load (which could be difficult to service) and slowing growth.
It is the first time in the 30 years since the end of the devastation caused by Mao and the Cultural Revolution that China’s credit rating has been downgraded at all.
However, when the average of the three big ratings is made (the usual practice), the Moody’s rating means less.