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Moody's downgrades outlook on Hong Kong to negative

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Moody's downgrades outlook on Hong Kong to negative

Moody's downgraded Hong Kong's rating outlook to negative from stable, and affirmed the Aa2 long-term issuer and senior unsecured ratings.

The outlook revision reflects the growing risk "that the ongoing protests reveal an erosion in the strength of Hong Kong's institutions, with lower government and policy effectiveness than Moody's had previously assessed, and undermine Hong Kong's credit fundamentals by damaging its attractiveness as a trade and financial hub," the rating agency said.

Fitch Ratings also recently downgraded Hong Kong's long-term ratings to AA from AA+, while revising the outlook to negative from stable, citing its expectations that the territory's GDP will stall in 2019 due to months of political unrest in response to now-withdrawn extradition bill.