S&P affirms Hong Kong Mortgage

S&P said it affirmed its AA+ long-term issuer credit rating on Hong Kong Mortgage Corp. Ltd.

The outlook is stable.

At the same time, the agency also affirmed the A-1+ short-term issuer credit rating on the company and the issue ratings on all senior debt issued by Hong Kong Mortgage.

S&P said it continues to equalize the ratings on Hong Kong Mortgage with the ratings on Hong Kong, reflecting a view of an almost certain likelihood that the Hong Kong government will provide timely and sufficient extraordinary support in the unlikely event that Hong Kong Mortgage needs it.

This is based on an assessment of the company’s critical role in promoting the Hong Kong government's top policy objective of enhancing banking and financial stability; and its integral link with the Hong Kong government through the Hong Kong Exchange Fund, which the Hong Kong Monetary Authority, Hong Kong's central bank, manages, the agency explained.

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