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China's Ministry of Finance dismissed yesterday’s decision by Moody’s Investors Service to downgrade the country’s credit rating for the first time in nearly 30 years Ecco Sandals Outlet UK , saying the ratings agency was exaggerating economic difficulties and underestimating reform efforts.


Moody’s cut China’s rating from Aa3 to A1 while changing its outlook to stable from negative, citing concerns over rising debt and potential growth slowing.


“The downgrade reflects Moody’s expectation that China’s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows,” the agency said.


Moody’s changed its outlook on China from stable to negative in March 2016.


The downgrading came amid a tightened national campaign in recent months to rein in financial risks and an upcoming key political meeting in the fall.


China’s central bank has raised short-term interest rates twice this year Ecco Sneakers Outlet UK , raising the costs for speculators betting against the yuan. The banking regulator, at the same time, has filed several detailed rules since March to crack down on the shadow banking sector to defuse asset bubbles.


“While ongoing progress on reforms is likely to transform the economy and financial system over time, it is not likely to prevent a further material rise in economy-wide debt Ecco Dress Shoes Outlet UK , and the consequent increase in contingent liabilities for the government,” Moody’s said.


“We expect the government’s direct debt burden to rise gradually toward 40 percent of GDP by 2018 and closer to 45 percent by the end of the decade,” it said.


A ministry statement said the downgrade was based on a pro-cyclical approach which was “not appropriate.”


Procyclical is where governments increase public spending and reduce taxes during