April 25, 2018 / 2:33 AM / 2 years ago

China's Dagong downgrades Canada's sovereign credit outlook to negative

A worker scrubs graffiti off a mural outside of a condominium contruction site in Toronto, Ontario, Canada July 11, 2017. REUTERS/Chris Helgren

BEIJING (Reuters) - China’s Dagong Global Credit Rating Co, one of the country’s major ratings firms, on Wednesday cut the credit outlook of Canada to negative, citing a slowdown in the Canadian economy and relatively high risks in its real estate market.

A persistently high fiscal deficit was also one of the reasons for the downgrade, Dagong said in a statement.

The agency kept its ratings for Canada’s local and foreign currency ratings at AA+.

Reporting by Ryan Woo; Editing by Sam Holmes

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