A leading ratings agency that previously expressed concerns about China’s local debt woes has cast a vote of confidence in the world’s second-largest economy, raising the country’s sovereign credit outlook to “stable” from “negative”. This week’s move by Moody’s Ratings was closely watched, as energy shocks from the US-Israel war in Iran have exacerbated concerns about the global economy’s trajectory. The agency had dropped China’s sovereign rating from Aa3 to A1 in 2017, its first downgrade for...