Credit rating agency Moody's changed its outlook on Hong Kong's rating...
HONG KONG - Credit rating agency Moody’s changed its outlook on Hong Kong’s rating to negative from stable on Monday, reflecting what it called the rising risk of “an erosion in the strength of Hong Kong’s institutions” amid the city’s ongoing protests.
“Moody’s has previously noted that a downgrade could be triggered by a shift in the current equilibrium between the SAR’s economic proximity to and legal and regulatory distance from China,” Moody’s said in a statement. “In spite of the concern over the recent social incidents, Hong Kong’s financial markets and its banking system have been functioning normally in the past few months. The Linked Exchange Rate System has been operating smoothly. Banks remain well capitalized with ample liquidity,” he said in a statement.
Hong Kong’s leader, Carrie Lam, told a group of businessmen in late August that her “political room for maneuvering is very, very, very limited”, because the unrest has become a national security and sovereignty issue for China.
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