Here is the S&P report that the headlines are based upon: https://www.spratings.com/documents/20184/0/ChinasHiddenSubnationalDebtsSuggestMoreLGFVDefaultsAreLike

Here is the S&P report that the headlines are based upon: https://www.spratings.com/documents/20184/0/ChinasHiddenSubnationalDebtsSuggestMoreLGFVDefaultsAreLikely.pdf/00c1bdd1-70c0-9240-12df-850df192c602 https://www.spratings.com/documents/20184/0/ChinasHiddenSubn... Might as well read the source for yourself if you are interested in the issue.