S&P Global Ratings on Thursday lowered........>

CHINA: S&P Global Ratings on Thursday lowered China's long-term sovereign credit

rating to A+ from AA- and its short-term rating to A-1 from A-1+, pointing to a

"prolonged period of strong credit growth" that has increased the country's

financial and economic risks. S&P, in making the one-notch downgrades, said that

although credit growth had helped lift real GDP growth, it had "also diminished

financial stability to some extent." S&P acknowledged the Chinese government's

efforts to rein in corporate leverage, but it also said it expected credit

growth to remain at levels that will "increase financial risks gradually" over

the next two or three years. S&P said it could upgrade the ratings if credit

growth slows "significantly," but downgrade them if the Chinese government eases

its efforts to stem financial risks and allows credit growth to accelerate. S&P

also said its outlook for the long-term sovereign rating was "stable."