CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Hong Kong Sees Foreign Currency Rating Upgraded

Hong Kong Sees Foreign Currency Rating Upgraded

by Mary Swire, for LawAndTax-News.com, Hong Kong

29 September 2006


Hong Kong's Financial Secretary Henry Tang has welcomed the decision by Moody's ratings agency this week to upgrade the SAR's long-term foreign currency rating from A1 to Aa3, with a positive outlook.

It also upgraded Hong Kong's foreign-currency bank deposit ceiling from A1 to Aa3, with a positive outlook.

Mr Tang suggested that the decisions show international recognition of Hong Kong's improved public finances and growth prospects.

"Hong Kong has now achieved AA-category ratings by all major international credit rating agencies. The latest ratings are also the highest that have ever been assigned to Hong Kong. The Moody's upgrade is a major breakthrough as it has allowed Hong Kong's rating to rise above that of the Mainland by more than one notch," he noted.

Moody's attributed the upgrade to Hong Kong's strong financial position and large positive international investment position, showing that Hong Kong has a degree of resilience to any potential shocks emanating from the Mainland.

The ratings agency further argued that the large foreign assets held by Hong Kong residents could help Hong Kong weather potential economic or financial shocks.

It added that the upgrade was prompted by its belief that the foreign currency bond rating should be in line with the local one.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »