Fitch affirms Hong Kong at 'AA+

Business | 12 Jun 2019 8:40 pm

Fitch has affirmed Hong Kong’s long-term foreign-currency issuer default rating at 'AA+', citing strong public and external finances, high income levels, and a resilient and flexible economy.

The credit rating agency added that the ratings are mainly constrained by SAR's deeper integration with lower-rated mainland China, which got 'A+'.

It may review the rating differential between the mainland and Hong Kong if there is "a move towards greater alignment of institutional and regulatory frameworks that diminish the autonomy of Hong Kong".

Fitch predicted that Hong Kong's GDP will grow by 1.6 percent this year, below the official 2 to 3 percent forecast.

"The external environment has become more challenging in light of US-China trade tensions, prompting contractions in Hong Kong's export and import values year-on-year since late 2018, and a sharp decline in import and export-related employment," said Fitch.

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