The ratings agency Fitch on Friday cut Hong Kong's credit rating and warned that conflict with anti-government protesters was hurting the image of its business climate.
The ratings agency Fitch on Friday cut Hong Kong's credit rating and warned that conflict with anti-government protesters was hurting the image of its business climate.
Fitch cut the government's credit rating for foreign currency borrowing to AA from AA+, with a negative outlook. It said the territory's creditworthiness was strong but was"at risk of being further eroded." The territory's leader, Chief Executive Carrie Lam, granted a demand by protesters on Thursday by withdrawing a proposed extradition law. But she has rejected other demands, including an independent investigation of complaints of violence by police.Hong Kong leaders are trying to shore up economic growth that was weakening before the protests dented the territory's tourism and retail industries.
The Hong Kong Monetary Authority has"ample resources" of $441 billion in foreign currency reserves to maintain that link, Fitch said.Hong Kong was promised a"high degree of autonomy" with an independent court system and Western-style civil liberties when the former British colony returned to China in 1997, in a framework called"one country, two systems."
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