China's new Silk Road runs straight through junk territory

Beijing

CHINESE President Xi Jinping's new Silk Road to Europe traverses territory where most bond investors fear to tread.

Of the 68 nations China lists as partners in its Belt and Road Initiative, the sovereign debt of 27 are rated as junk, or below investment grade, by the top three international rating firms. Another14, including Afghanistan, Iran and Syria, are either not rated or have withdrawn their requests for ratings.