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China LGFV Ratings Drop on Worsening Business Environment: Herald

CHINA PRESS
MNI (Singapore)

More investment entities owned by China's local governments are being downgraded, raising concerns for greater financial risks, as the business environment gets tougher and some regional economies face greater challenges, the 21st Century Business Herald reported. As of Sept. 13, 27 LGFVs this year have been downgraded, more than doubling the number from the same period last year, while the number of entities that got upgrade dropped 87% y/y, the newspaper said. Those that got upgraded ratings received external support including local government's free transfer of assets, capital injection, special funds and financial subsidies, the newspaper said.

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