S&P Global Ratings cut China’s sovereign credit rating by one step, to A+ from AA-, and revised its outlook to stable from negative. "China’s prolonged period of strong credit growth has increased its economic and financial risks," the agency said in a statement. "Although this credit growth had contributed to strong real GDP growth and higher asset prices, we believe it has also diminished financial stability to some extent." The downgrade, the second by a major ratings company this year, represents ebbing international confidence China can strike a balance between maintaining economic growth and cleaning up its ... (full story)