BEIJING, Nov 29: Standard & Poor’s on Thursday affirmed China’s sovereign credit rating, another sign that the world’s second largest economy is rebounding as Beijing prepares to usher in new leaders.

The ratings agency said China’s “exceptional growth prospects” and “modest government indebtedness” were key factors supporting its creditworthiness. It also said China’s outlook was “stable”. China’s “AA-” long-term and “A-1+” short-term sovereign credit ratings rank just below S&P’s highest rating of triple-A.

S&P’s credit analyst Kim Eng Tan said the upbeat assessment comes amid expectations of no major policy changes following the unveiling of new leaders at the Communist Party’s pivotal congress earlier this month.—AFP