S&P raises Hong Kong

Standard & Poor's said it raised the long-term issuer credit rating on Hong Kong Special Administrative Region to AAA from AA+, and affirmed its A-1+ short-term rating. The transfer and convertibility assessment remains AAA.

The outlook is stable.

The upgrade reflects a positive reassessment of the risks that Hong Kong's economy faces from its exposure to changes in administrative policies and less-developed civil institutions in China, S&P said.

The agency also said it upgraded Hong Kong after raising the long-term sovereign credit rating on China to AA- from A+.

The upgrade of China, and Hong Kong's excellent credit metrics, support its creditworthiness at the highest rating level of AAA, said S&P credit analyst Kim Eng Tan.

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