S&P affirms Hong Kong

Standard & Poor's said it affirmed the AA+ long-term and A-1+ short-term credit ratings on the Hong Kong Special Administrative Region. The transfer and convertibility assessment remains at AAA.

The outlook is stable.

The ratings reflect Hong Kong's position as a large net external creditor, the government's accumulated fiscal reserves and above-average growth potential for a high-income economy, S&P said.

The main credit weaknesses are its reliance on volatile revenue sources and the risks associated with weaker institutions in the lower-rated People's Republic of China, the agency said.

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