BEIJING -- Chinese ratings provider Dagong Global Credit Rating Co Ltd, on Thursday cut its rating for Japan's local and foreign currency sovereign credit by one level to A+ and AA- respectively.
The rating agency said the downgrade took into consideration Japan's political situation, economy, fiscal revenue and expenditure, as well as debt revenue.
Expecting a mild recovery of the Japanese economy and no significant deterioration of Japan's sovereign debt financing within the next 12 months, Dagong put the country's credit outlook as "stable."
