S&P, Moody’s Downgrade 11 Chinese Local Government Financing Vehicles
Two major global rating agencies separately downgraded a combined 11 Chinese local government financing vehicles (LGFVs) Wednesday on expectations that local governments’ extraordinary support for their respective financing platforms will weaken.
The downgrades reflect a belief that the Chinese central government’s deleveraging efforts will gradually weaken the financial vehicles’ roles and links with the local and regional governments.
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