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Economy

Laos credit downgrade signals 'real' default risk as China looms

Fitch's rare cut to 'CCC' raises possibility of relief from Beijing

Workers in the Laotian city of Luang Prabang build the first rail line linking the country to China in February. Laos is the only Asian country rated "CCC" by Fitch.   © AFP/Jiji

HONG KONG -- Fitch Ratings has downgraded Laos' rating to "CCC" from "B-," meaning that the Southeast Asian nation faces "substantial credit risk" and that default is a "real possibility," according to the agency's definition.

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