China’s new policy allowing couples to have up to three children could boost fertility, but was unlikely to dramatically change the national birthrate, rating agency Moody’s Investors Service said on Monday.

Moody’s  said that the policy shed light on the risk of aging across emerging markets in Asia.

“And although China’s new policy allowing couples to have up to three children could support fertility, it is unlikely to dramatically change the national birthrate, meaning that aging will remain a credit-negative constraint”, Moody’s said in a statement