HK's long-term rating lowered to 'AA+' from 'AAA'; stable

   S&P Global Ratings lowered its long-term issuer credit rating on Hong Kong (Special Administrative Region) (SAR) to 'AA+' from 'AAA'. The outlook is stable.
  At the same time, the credit rating agency affirmed the 'A-1+' short-term issuer credit rating on Hong Kong. The transfer and convertibility assessment remains 'AAA'.
  S&P said the downgrade reflects the lowering of the sovereign credit ratings on the People's Republic of China (A+/Stable/A-1). Strong institutional and political ties exist between China and Hong Kong, arising from the latter's status as a Special Administrative Region of China.
  Consequently, the agency views a weakening of credit support for China as exerting a negative impact on the ratings on Hong Kong beyond what is implied by the territory's currently strong credit metrics.
  The stable outlook on the long-term issuer rating on Hong Kong mirrors that on S&P's long-term sovereign credit rating on China. S&P expects Hong Kong to maintain its strong credit metrics across the board in the next two to three years.
  Hong Kong's creditworthiness enjoys strong support across all rating factors.