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Fitch affirms Hong Kong at 'AA+

Business | Jun 12, 2019 20:40
<p>Fitch has affirmed Hong Kong&rsquo;s long-term foreign-currency issuer default rating at &#39;AA+&#39;, citing strong public and external finances, high income levels, and a resilient and flexible economy.</p><p>The credit rating agency added that the ratings are mainly constrained by SAR&#39;s deeper integration with lower-rated mainland China, which got &#39;A+&#39;.</p><p>It may review the rating differential between the mainland and Hong Kong if there is &quot;a move towards greater alignment of institutional and regulatory frameworks that diminish the autonomy of Hong Kong&quot;.</p><p>Fitch predicted that Hong Kong&#39;s GDP will grow by 1.6 percent this year, below the official 2 to 3 percent forecast.</p><p>&quot;The external environment has become more challenging in light of US-China trade tensions, prompting contractions in Hong Kong&#39;s export and import values year-on-year&nbsp;since late 2018, and a sharp decline in import and export-related employment,&quot; said Fitch.</p>


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