Moody's Downgrades Rating Outlook on 8 CN Banks, BABA, TENCENT & Others to Negative
Moody’s Investors Service downgraded the credit rating outlook for eight Chinese banks to "Negative", including $ABC(01288.HK$ $BANK OF CHINA(03988.HK$ $CCB(00939.HK$ $ICBC(01398.HK$ $PSBC(01658.HK$ , Agricultural Development Bank of China, China Development Bank, and Export-Import Bank of China. This decision aligned with Moody's recent downgrade of China's sovereign rating outlook to "Negative".
Also, Moody’s downgraded the credit rating outlook on 36 Chinese non-financial and state-owned infrastructure companies and their subsidiaries, as well as the credit rating outlook on 22 Chinese local government financing vehicles, to "Negative". The rating agency also put 26 Chinese local government financing vehicles on review for downgrade.
The Chinese companies whose credit rating outlook was downgraded include $CHINA MOBILE(00941.HK$ , $DONGFENG GROUP(00489.HK$ , $CNOOC(00883.HK$ , $CRRC(01766.HK$ , $PETROCHINA(00857.HK$ , $SINOPEC CORP(00386.HK$ , $BABA-SW(09988.HK$ , $TENCENT(00700.HK$ , $TME-SW(01698.HK$ , and others.
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102877280 : it is for China to prove them wrong?
9919933 : Trust them and they will bring you to hell.
102559790 102877280: The problem is in China, it is one man deciding. yesterday , it came to light that Xi guided central bank to buy treasury bond in Oct 23 but was reported in the news. It signifies such monetary decision is not central bank or by Xi who chairs all important meetings including financial ones. it means if there is pro market ideas but as long as Xi dont agree, it wont get implemented. No wonder or western funds ran away in 2023.