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Chinese agency downgrades sovereign credit rating of 13 countries


09-13-2016 10:03 BJT

The China Export and Credit Insurance Corporation has downgraded 13 countries’ sovereign risks levels, including Cambodia and Myanmar, in its 2016 Sovereign Risk Report. The report released Monday is a reference for Chinese companies investing overseas.

The report covers 192 countries. This year’s report raised the sovereign risk ratings for 15 countries, including Iran and Sudan. The report also gives Afghanistan, Zimbabwe and 26 other countries its lowest ratings on sovereign risks. The report says that government defaults and unconventional risks threaten Chinese investors when they go abroad.

“Political and commercial risks, strong competition in global markets and forex rate volatilities all bring uncertainties to Chinese companies which are investing overseas,” said Wang Yi, China Export & Credit Insurance Corp.

“So it is necessary for Chinese companies to deeply understand their target countries and markets, as well as to pay high attention to risk prevention and increase capability to ensure their interests abroad.”

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