Concerns over high levels of debt among local governments in China have mounted in recent months, but the quality and quantity of that burden varies widely by province, Moody's said.
"The provinces all show varying degrees of credit risk as their indebtedness levels differ significantly, from moderate to high," credit rating service Moody's Investor Service said in a report on Tuesday.
(Read more: China's debt problems are bad, but not Lehman bad)
China's state auditor said in a report in December that local governments owe almost $3 trillion in outstanding debt as of the end of June last year, up 67 percent from the last audit in 2011.
The debt pile is viewed as one of the biggest threats facing the country's economy and there are worries that much of it cannot be repaid as it was used to fund non-profitable projects.