S&P affirms China

Standard & Poor's said it affirmed the AA- long-term and A-1+ short-term sovereign credit rating on the People's Republic of China. The outlook is stable.

In line with this, the agency said it also affirmed its Greater China credit scale rating at cnAAA/cnA-1+. The transfer and convertibility assessment for China also remains at AA-.

A moderately strong political and economic profile, as well as a very strong flexibility and performance profile, underpins the AA-/A-1+ sovereign credit rating on the Chinese government, the agency said.

"China's exceptional growth prospects, strong external asset position, and modest government indebtedness are key supporting factors for the government's creditworthiness," said S&P credit analyst Kim Eng Tan in a news release.

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