Moody's Investors Service said it has downgraded Hong Kong's local currency and foreign currency issuer ratings to Aa2 from Aa1 and changed the outlook to stable from negative.
The announcement follows Moody's downgrade of China's rating to A1 from Aa3 and change in the outlook to stable from negative. The downgrade in Hong Kong's rating reflects Moody's view that credit trends in China will continue to have a significant impact on Hong Kong's credit profile due to close and tightening economic, financial and political linkages with the mainland.
Hong Kong's local currency senior unsecured debt ratings are downgraded to Aa2 from Aa1, said Moody's. Hong Kong's local currency bond and deposit ceilings remain at Aaa. The foreign currency bond ceiling remains at Aaa. The foreign currency deposit ceiling has been lowered to Aa2 from Aa1. Hong Kong's short-term foreign currency bond and bank deposit ceilings remain Prime-1 (P-1).
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