S&P raises China's credit rating

Standard & Poor's (S&P) raised China's credit rating from "A-" to "A", citing rosy growth prospects and banking sector improvements. China's ranking is now on a par with Chile, Greece and South Korea, which have had an "A" rating since July, 2005. It is the second upgrade in as many years and may also reflect newfound faith in the country's ability to slow the economy down. S&P also raised Hong Kong's rating from �AA-� to �AA�. Last year S&P lifted China from a �BBB+� rating. On July 7, Moody's Investors Service also upped the country's debt rating on long-term foreign-currency bonds to �positive� from �stable.� Moody's has, since 2003, put China at an A2 rating, one notch above South Korea's A3.