Moody’s staff in China told to work from home over concern about rating backlash

The news: Moody’s told staff working in the Beijing and Shanghai offices to work from home this week over concerns that there would be backlash following its cut to the outlook China’s sovereign credit rating, the Financial Times reported.

The numbers: The US rating agency downgraded the outlook for China’s A1 long term local and foreign issuer currency from stable to negative.

The context: According to the Financial Times, some department heads in China told colleagues that non-administrative staff should not work from the office this week. Staff based in Hong Kong were also told not to travel the mainland ahead of Tuesday’s rate cut.

In early November Moody’s also lowered its outlook on the US credit rating, taking it from stable to negative.