Fitch downgrades Hong Kong

Fitch Ratings said it downgraded Hong Kong’s long-term foreign-currency issuer default rating to AA from AA+.

“Ongoing events have also inflicted long-lasting damage to international perceptions of the quality and effectiveness of Hong Kong's governance system and rule of law, and have called into question the stability and dynamism of its business environment. These features are integral to Fitch’s assessment of the territory’s creditworthiness, and while still strong in a global context, are at risk of being further eroded as a result of enduring social strife,” said Fitch in a press release.

The outlook is negative.

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