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HKSAR gov't shares S&P's observations on Hong Kong's near-future credit strength

(Xinhua)    09:28, October 10, 2019

HONG KONG, Oct. 9 -- The government of China's Hong Kong Special Administrative Region (HKSAR) said Wednesday that it shares S&P's observations on Hong Kong's strong economic and financial fundamentals, which will continue to underpin its credit strength in the near future.

In a reply to Xinhua, the Financial Secretary's Office said it noticed S&P's decision to maintain Hong Kong's "AA+" long-term credit rating with a stable outlook on Tuesday.

"We share S&P's observations that Hong Kong's strong economic and financial fundamentals will continue to underpin our credit strength in the near future. S&P also recognized that the 'one country, two systems' principle and the rule of law continued to be upheld in Hong Kong," it said.

The office said it welcomed S&P's affirmation of the Linked Exchange Rate System (LERS), which helps safeguard Hong Kong's monetary and financial stability.

On Tuesday, S&P Global Ratings affirmed its long-term issuer credit rating on Hong Kong at "AA+" with a stable outlook despite the sustained social unrest.

It also affirmed the "A-1+" short-term issuer credit rating on Hong Kong. The transfer and convertibility assessment remains "AAA."

The S&P said the special administrative region's strong credit metrics is expected to allow the government's credit standing to withstand the fallout from the current situation.

"The stable outlook reflects our expectations that Hong Kong will maintain its strong credit metrics for some time, and that the institutional arrangements underpinning Hong Kong's policy autonomy will remain intact," it added.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Liang Jun)

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