Moody’s downgraded Hong Kong’s credit rating, blaming the government’s failure to deal with seven months of social unrest that has driven the economy into recession
HONG KONG—Moody’s downgraded Hong Kong’s credit rating on Monday, slashing its assessment on the Asian financial center and blaming the government’s failure to deal with seven months of social unrest that has driven the economy into recession.
The firm cut its main rating on Hong Kong by one notch to Aa3 from Aa2, saying the downgrade reflects concerns over the city’s institutions, governance strength and “more significant constraints” on the territory’s autonomy from mainland China.
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