The Standard & Poor's rating agency has cut China's credit rating, citing the country's rising debt load.

S&P's announcement Thursday followed a similar move by Moody's, another global rating agency, in May to reduce its own outlook on the Chinese government's ability to repay its debts.

S&P said the change reflects its view that a "prolonged period of strong credit growth has increased China's economic and financial risks."

The agency said it expects China to maintain stable economic growth over the next two to three years.