FS rejects credit rating

(September 23, 2017)

Financial Secretary Paul Chan has disagreed with Standard & Poor's decision to downgrade Hong Kong’s long-term credit rating from "AAA" to "AA+".
 
Speaking to the media today, he said the downgrade will not affect Hong Kong's economy and long-term prospects.
 
He added the city has registered strong growth in exports, employment rate and tourism numbers in the first three quarters of this year. 
 
S&P's decision to cut Hong Kong's rating followed its downgrading of China's credit rating from "AA-" to "A+".
 
On S&P's comments its Hong Kong's rating was affected by its worries about the Mainland economy, Mr Chan said the Mainland provides a lot of business opportunities to the city and Hong Kong must grasp these opportunities and have good risk management practices.
 
The Monetary Authority has strict regulation over the banking sector and Mainland-related lending, he added.