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Fitch Affirms China at 'A+' With Stable Outlook

Fitch Ratings has affirmed China's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'A+'. The issue ratings on China's senior unsecured foreign and local currency bonds are also affirmed at 'A+'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'A+' and the Short-Term Foreign Currency IDR at 'F1'. KEY RATING DRIVERS China's 'A+' IDRs with Stable Outlook reflect the following key rating drivers:- - China's macroeconomic performance is strong on almost any comparison. The five-year average growth rate to 2015 of 7.8% is more than double the 'A' median of 3.1% or 'AA' median of 3.2%. However, China's remarkable growth has been accompanied by a build-up of imbalances and vulnerabilities. Fitch expects growth of 6.8% in 2015 and 6.5% in 2016, well below the 10.5% average over 2001-2010, as the economy goes through a period of adjustment and rebalancing.