Default Risk Rises for Local Government Financing Vehicles, Fitch Says

International credit ratings agency Fitch Ratings Inc. said the default risks on bonds issued by China’s local government financing vehicles (LGFVs) are rising this year as Beijing tightens the screws on local government borrowings. “Risks for some LGFVs to default on their bonds are rising in 2018 as financing conditions have continued to turn tight,” said Terry Gao, Fitch …

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