Following its downgrade of China's sovereign credit outlook on December 5, Moody's has extended its revision to a broad swathe of Chinese corporates. On December 6, the ratings agency adjusted the outlooks for approximately 115 Chinese entities, including central and local state-owned enterprises, major infrastructure and investment firms, eight mainland banks, and ten insurance-related entities-among them nine domestic insurers and one offshore subsidiary. In tandem, Moody's also revised the credit outlooks for Hong Kong and Macau.