By ZEN SOO
AP Business Writer
HONG KONG (AP) — Credit rating agency Moody’s has downgraded its outlook for Chinese sovereign bonds to negative, citing risks from a slowing economy and a crisis in its property sector. Moody’s said the change reflects risks from financing troubles of local and regional governments and state-owned enterprises. It was the first for Moody’s since 2017, when it revised its rating on China to A1, citing rising debt levels. China’s Ministry of Finance said it was “disappointed” with Moody’s decision. It said China’s economy is on the mend and that the credit rating agency’s concerns were “unnecessary.” The credit rating firm said it expects China’s economy to grow at a 4% annual pace in 2024 and 2025.