Beijing calls rating a 'wrong decision'

China's Ministry of Finance on Friday rebutted S&P Global Ratings' decision to downgrade the country's sovereign credit rating, saying it was "a wrong decision" that neglects the nation's economic fundamentals and development potential.

Analysts said the agency's methodology in rating China is fundamentally flawed as it neglected the country's strong capability for debt repayment.

The Standard & Poor's agency on Thursday cut China's long-term sovereign rating by one notch to A+ from AA-, citing its increasing debt risks. The finance ministry said in a statement that the decision was "perplexing" as it came while China's economy has been on a firm growth track following its achievement of higher-than-expected growth rates in the first half of this year and solid progress in economic restructuring and debt cuts.