Ministry says credit downgrade off target

Ratings agencies 'underestimated' China's ability to deal with economy

The Finance Ministry expressed disapproval on Friday over major rating agencies' recent downgrade of China's credit outlook, saying the worries were "unnecessary".

"Rating agencies have overestimated the difficulties the economy faces and underestimated the ability of the Chinese government to press ahead with reforms and tackle risks," said Shi Yaobin, vice-minister of finance, in a formal statement.