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IPFS News Link • Economy - International
Asia's two biggest economies are in the ratings firing line
alongside Europe and the United States as they deal with massive debts
built up during the global financial crisis. Andrew Colquhoun, head of
Asia-Pacific sovereign ratings at Fitch, told Reuters in an interview that China's local currency debt rating could be
downgraded over the next 12 to 24 months. "We expect a material
deterioration in bank asset quality," he said. "If the problems in the
banking system pan out as we expect or are even worse over the next 12
to 24 months, then that would incline us to take the rating downwards." –
Reuters
Free-Market Analysis: It used to be easier to believe
in ratings agencies but since the world's greatest companies almost went
out of business in 2008 it is more difficult. Now Fitch is once again
sounding the alarm on China and Japan but cynics might suggest it is too
little too late.
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