No mention of Moody's or Fitch Ratings in their statement
Well, at least China is continuing to live up to their word and open up its markets/economy to foreign investors. The three rating agencies above all applied for licenses to rate Chinese domestic bonds last year but S&P appears to be the first to get on the horse.
With Chinese economic growth and FDI already seen struggling last year, authorities are likely to need further support from foreign participation/investment to boost growth this year. Hence, explaining part of the reasoning in the decision here.
In the macro picture, this should be supportive for the Chinese economy and the yuan; and in turn for risk assets (including the aussie and kiwi) as well.
