Fitch Ratings has downgraded Hong Kong’s rating to ‘AA-’ and the outlook reverts to stable. Fitch Rating says that Hong Kong’s economy is facing a second major shock from the coronavirus pandemic after prolonged social unrest in 2019. These challenges have compounded negative rating trends already in place from the reputational damage that anti-government protests were inflicting on perceptions of Hong Kong’s business environment and political stability. Hong Kong’s deep-rooted socio-political cleavages remain unresolved in Fitch’s view. Meanwhile, China received an ‘A+’ ratings with a stable outlook, underpinned by its external finance and macro strengths.

Source: The Standard June 22, 2020 09:22 UTC