Moody’s sees Hong Kong banks negatively

Moody's Investors Service said it changed to negative from stable the outlooks on Bank of China (Hong Kong) Ltd. and Hong Kong Mortgage Corp. Ltd. and affirmed their ratings.

“These rating actions follow the agency's affirmation of the government of Hong Kong SAR, China's issuer rating at Aa3 and change in the outlook to negative from stable,” Moody’s said in a press release. SAR stands for special administrative region.

The bank’s ratings benefit from Hong Kong government support and Hong Kong Mortgage is considered a government-related issuer and its credit is tied to the government’s, the agency said.

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