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S&P,
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News
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Standard & Poor's (S&P's) decision to upgrade its foreign and local currency ratings on Hong Kong to "AA" from "AA-", with stable outlooks, is "recognition of the continued strength of China's economic performance and the overall strengthening of its creditworthiness," said the Financial Secretary of the HKSARG, Mr. Henry Tang.
This is the highest rating that S&P has ever assigned to Hong Kong. S&P attributed the ratings upgrade to Hong Kong's strong economic fundamentals, the Government's exceptional financial position, and large net external creditor position. S&P also said that the upgrade in Hong Kong's foreign and local currency ratings was linked to the upgrade of China's foreign and local currency ratings to "A" from "A-", pointing out that the improved credit fundamentals of China has reduced the likelihood of potential negative developments in China spilling over to Hong Kong.
The Government also welcomed Fitch's decision to upgrade its long-term foreign currency rating outlook on Hong Kong to "Positive" from "Stable". Fitch also affirmed Hong Kong's long-term foreign currency rating at "AA-" and long-term local currency rating at "AA+" with a stable outlook.
Fitch attributed the upgrade to Hong Kong's strong external financial position, continued improvements in public finances, the Government's commitment to addressing structural fiscal issues and reduced exposure to China risks.
Hong Kong’s Financial Secretary, Mr Henry Tang, said Fitch’s decision reflected international recognition of Hong Kong's improved public finances and growth prospects. He added that the Government would continue to exercise fiscal discipline and to explore ways to broaden the tax base.
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