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Japan Agency Upgrades Foreign Currency Rating for HK
The Hong Kong Special Administrative Region government on Monday welcomed an announcement by the Japan Credit Rating Agency (JCRA) to upgrade the foreign currency rating for Hong Kong from "AA-" to "AA".
A government spokesman said: "We are pleased to note JCRA's recognition of Hong Kong's strong economic recovery, extensive external reserves and solid fiscal position, high standard in financial market regulation and successful reforms of our financial and monetary regimes."
"JCRA also recognized our reputation as one of the most transparent, well-governed, and least interventionist places in the world to do business," the spokesman said, adding that "the upgrade should boost the confidence of investors on Hong Kong."
JCRA's upgrade was based on Hong Kong's recovery from the economic recession, the extensive external reserves and solid fiscal position, and the reforms that had strengthened the currency board arrangements and enhanced the government's ability to fend off speculative pressure.
JCRA believed that Hong Kong's financial sector had been well regulated compared to other Asian countries which were hit hard by the financial crisis.
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