Investing.com -- On Thursday, the Chinese finance ministry expressed deep regret and non-recognition towards Fitch’s decision to downgrade China’s long-term foreign currency rating. The rating was lowered from "A+" to "A".

The ministry released a statement claiming that Fitch’s decision is biased and does not fully and objectively reflect the actual situation in China. This statement comes as a direct response to the downgrade, showing China’s disagreement with Fitch’s assessment.

In the past, Fitch has adjusted its outlook on China’s sovereign credit rating. Specifically, in April 2024, the agency had lowered its outlook to negative. This was due to risks to public finances as the Chinese economy faced increasing uncertainty in its transition to new growth models.

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