Chinese officials and state media are on the offensive after credit agency Moody’s downgraded its outlook for China’s credit rating from stable to negative.

On Tuesday, the agency forecast slowing growth in the coming years, in part due to China’s aging population, and said that the need for bailouts and government support could weigh on the country’s economic strength. While Moody’s downgraded the outlook, it retained China’s A1 rating, meaning there is a low credit risk.

Downgrading an outlook indicates that the nation’s rating might slip in the future. In November, Moody’s cut its U.S. outlook, citing political polarization as a factor.