SHANGHAI/HONG KONG -- Moody's Investors Service on Wednesday signaled potential downgrades in credit ratings for dozens of Chinese government-backed entities funding infrastructure development, as well as for state-owned banks and the regions of Hong Kong and Macao.
The development, which comes a day after the agency cut its outlook for China's sovereign credit rating, reflects growing concern over local governments' ability to deal with mounting hidden debt amid a protracted property slump.
