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China's credit rating unaffected by local debt

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China's public finance situation is quite healthy, despite losses incurred by local financing vehicles. This is according to David Beers, global head of sovereign and international public finance ratings at Standard & Poor's.

Beers said Monday China has sufficient capital to absorb any losses from contingent liabilities such as local government debt, in a manner consistent with its current rating. The country's sovereign credit rating will not be influenced. Standard & Poor's data shows that since the 1980s, the number of countries with triple A ratings has continuously declined.

Beers says this trend is likely to continue, many developed countries are facing long-term problems such as aging populations, high welfare spending and the global financial crisis.

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