BEIJING, Nov. 29 -- Credit ratings agency Standard & Poor's (S&P) Ratings Services affirmed on Friday its AA- rating on China's long-term sovereign debt, with a stable outlook.

S&P has also maintained an A-1+ rating on the country's short-term debt.

The agency said that the ratings reflected the strong growth potential of the Chinese economy and its strong external asset position as well as relatively healthy fiscal standing.

S&P forecasted the Chinese economy will continue a strong performance, with real per capita growth to average 6.7 percent from 2013 to 2016, which is nevertheless down from the 8.6-percent growth seen in the previous five years.

It said that economic and political developments over the next two to three years are likely to maintain China's current credit rating, as structural economic reforms may reduce risks in the financial sector.

However, S&P warned the rating could be downgraded if reform efforts falter.