Standard & Poor`s News

China`s finance ministry said the downgrade was "a wrong decision" that ignored the economic fundamentals and development potential of the world`s second-largest economy.

S&P had said in June there was a "real" chance of a downgrade and a decision would be made based on whether China is able to move away from a credit-driven growth strategy. The demotion follows a similar move by Moody`s Investors Service in May. 

S&P said the the referendum result to leave the European Union could lead to "a deterioration of the UK's economic performance, including its large financial services sector".

Ratings agency Standard & Poor`s (S&P) cut its outlook on China from stable to negative on Thursday, warning that economic rebalancing was taking longer than expected

Ratings agency Standard & Poor`s on Wednesday downgraded its sovereign credit rating on Japan by one notch, saying the government had little chance of turning round the economy or weak inflation in the coming years.

Standard & Poor`s on Tuesday raised Greece`s credit rating by two notches to CCC+ after the debt-laden country began paying billions of euros to its creditors and reopened its banks.

Standard & Poor`s downgraded Greece`s credit rating deeper into junk territory on Monday, saying the government`s decision to hold a referendum on creditor proposals brought it closer to default.

Ratings firm Standard & Poor`s cut Ukraine`s credit rating by one notch Friday due to its intentions to restructure its foreign debt.

Standard & Poor`s is expected to agree within days to pay $1.37 billion to settle lawsuits over its rosy grading of mortgage bonds in the financial crisis, sources told AFP Wednesday.

Britain`s Tesco suffered a fresh blow Wednesday as Standard & Poor`s became the second ratings agency after Moody`s to slash the troubled supermarket`s debt to junk status, despite its turnaround plans.

S&P predicted the Venezuelan economy would contract by up to 3.5 percent this year.