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Hong Kong In Line For Ratings Upgrade

by Mary Swire, Tax-News.com, Hong Kong

14 October 2010


Hong Kong Financial Secretary John Tsang has welcomed Moody’s decision to put Hong Kong’s “Aa2” government bond ratings on review for possible upgrade.

The review for upgrade was attributed to the government’s continued and improving financial strength, and Hong Kong's lessening vulnerability to external shocks, as the financial sector's growing health demonstrates.

The favourable prospects for China’s economic performance in the coming years, which will provide support to Hong Kong's economic growth and financial developments, was also cited by the ratings agency.

“Moody’s decision to put Hong Kong’s ratings on review for upgrade demonstrates the agency’s recognition of Hong Kong’s remarkable resilience during the global financial crisis. We will continue to rise to the challenges ahead,” Tsang said.

Moody’s upgraded Hong Kong’s long-term foreign-currency and local-currency sovereign ratings outlook to “Positive” from “Stable”, with ratings at “Aa2” last November.

It also placed China’s “A1” government bond ratings on review for possible upgrade.

TAGS: economics | fiscal policy | banking | financial services | capital markets | international financial centres (IFC) | China | offshore | Hong Kong | currency | services

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