HONG KONG -- Moody's revision of China's sovereign rating outlook to "negative" on the eve of a high-level meeting of the National People's Congress had been a slap in the face for the world's second-largest economy but the humiliation doesn't end there, as Chinese companies are still facing a wave of downgrades.
Ratings agencies are hinting at a rise in downgrades as the credit quality of China's top companies could be in worse shape than previously thought due to their high leverage and sluggish demand.
