China’s state-owned asset manager Huarong assured its investors that it would be able to repay its debts. Xu Yongli, vice president and board secretary of Huarong told the business daily Shanghai Securities News that the recent downgrades by international rating agencies “have no factual basis” and criticized them “as too pessimistic.” Agencies Moody’s and Fitch had downgraded the company’s credit rating last week. It was unclear whether Huarong enjoyed the full support of the government, he said.
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