Moody's downgraded Hong Kong's credit rating one notch to 'Aa3&qu...
- Moody’s downgraded Hong Kong’s credit rating one notch to “Aa3” from “Aa2” on Monday, saying its view on the strength in the Chinese-ruled city’s institutions and governance is “lower than previously estimated.”
The agency also said that there has been a lack of clarity from Hong Kong’s government on its response to the direct council elections late last year that saw pro-democracy candidates win by record numbers.In a statement on Tuesday, Hong Kong’s government said it strongly disagreed with Moody’s assessment and was “deeply disappointed” by the decision.
Moody’s said its stable outlook reflects Hong Kong’s superior fiscal strength and consistent macroeconomic stability.
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