Anatomy of China's credit bubble

[cw2005]

Something I do not understand on the credit rating of a country. Look at China's neigbors in East Asia such as Japan, South Korea, Taiwan, Phillipine, Vietnam etc. None of them has a higher rating than China's AA- from S&P. We have been talking about the bad loans, the bubble of the housing market, the under value of the Yen, the real high inflation etc.

Why China enjoy the same rating as Taiwan and Japan and rated higher the South Korea? May be it is not the economic performance is good in China, but it is the poor performance of economies somewhere else such as the EU and the America.