The Ministry of Finance on Wednesday said Fitch's downgrade of Chinese credit outlook was "regrettable" after the ratings agency announced the change earlier that day.

"It is regrettable to see Fitch downgrade its outlook on China's sovereign credit rating," the finance ministry said in a statement.

"From the results, it can be seen that the indicator system of Fitch's sovereign credit rating methodology has failed to effectively and proactively reflect Beijing's efforts to promote economic growth."

On Wednesday, ratings agency Fitch downgraded China's sovereign credit outlook to negative, citing increased risks to the country's public finances.

The "outlook revision reflects increasing risks to China's public finance outlook as the country contends with more uncertain economic prospects," Fitch said in a press statement.

However, Fitch affirmed China's credit rating at "A+", a move it said reflected the country's "large and diversified economy, still solid GDP growth prospects relative to peers, integral role in global goods trade, robust external finances, and reserve currency status of the yuan". (Agencies)