On September 20, China's sovereign credit rating was lowered one step from AA- to A+, S&P's fifth-highest rating category. China had held its AA- rating since 2010. S&P said the downgrade reflected China's rapidly increasing debt and the increased risk it imposed on the financial sector and economy. In May, Moody's lowered China's rating one notch to A1, its fifth-highest score. Fitch has maintained its fifth-highest rating, A+, for China since 2007. S&P also cut ratings for Hong Kong, several Chinese firms (including banks and state-owned enterprises), as well as some international banks operating in China.