Standard & Poor's on Tuesday affirmed China's sovereign credit rating after warning 15 eurozone countries they faced possible downgrades, underscoring the strength of the world's second-largest economy.

The ratings agency said China’s "exceptional growth prospects" and "modest government indebtedness" were key factors supporting its creditworthiness and stable outlook. The rating outlook suggests China can absorb potential balance sheet losses with little damage to its credit standing, given its substantial foreign exchange reserves and strong fiscal position.

The agency currently grades China at "AA-" for long-term sovereign credit, and "A-1" for short term.

Source:cntv.cn