- Local currency rating AA- with negative outlook
- Unwinding of property market poses some risk of economic hard landing
- Concerned banking system will face rising loan impairments
- Expects more debt to migrate to sovereign balance sheet after 2009-2011 credit surge
- Banking problems could impact credit supply; growth
Some cautionary words despite the stable outlook. A modest negative for commodity currencies, though it is not as though the market has not considered the possibility of a Chinese slowdown after massive government stimulus of recent years.
