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Hong Kong Welcomes Rating Upgrade

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

30 November 2010


The government of Hong Kong has welcomed Fitch Rating's decision to upgrade Hong Kong’s long-term foreign-currency sovereign rating to "AA+" from "AA", with a "stable" outlook.

Fitch last upgraded Hong Kong's long-term foreign-currency sovereign rating to "AA" from "AA-" in July 2007. The long-term local-currency sovereign rating is currently at "AA+", with a "stable" outlook.

Fitch attributed the upgrade to the fact that “Hong Kong's sovereign creditworthiness is underpinned by its strong external financial position, solid public finances, well-regulated and capitalized banking system, its dynamic and flexible economy and strong standards of governance.”

It added that “Hong Kong's low-tax and small-government economic model contributes to overall economic flexibility,” and that its “solid fiscal position underpins its creditworthiness.”

While welcoming the rating upgrade, the Financial Secretary, John C Tsang, said that Fitch's decision is “ a recognition of the underlying strengths of Hong Kong’s economy and its success in combating the international financial crisis.” He added that the government would “keep a close watch over world economic developments and take appropriate precautions against any possible adverse impact on Hong Kong."

TAGS: tax | economics | fiscal policy | Hong Kong

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