S&P Global Ratings affirmed its 'AAA' long-term and 'A-1+' short-term issuer credit ratings on Hong Kong (Special Administrative Region)
(SAR). The rating outlook remains negative. In line with this, S&P affirmed its Greater China regional scale rating on Hong Kong at 'cnAAA/cnA-1+'.
"We rate the SAR three notches higher than its sovereign for several reasons. We believe Hong Kong's institutions and policies support an open and free economy with a generally predictable and effective policy framework and strong economic transparency." S&P noted.
"In our view, this favorable assessment is valid compared with the other governments (numbering close to 130) that we rate under our sovereign criteria. Although the Legislative Council rejected the Chief Executive Election Reform Proposal in June 2015 for the 2017 ballot, we believe relations between the central government and its SAR will remain constructive--like they have been since the handover to China in 1997--because a stable and prosperous Hong Kong advances China's reform agenda." the credit rating agency added.
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