Standard & Poor's Ratings Services continue to recognise Hong Kong's credit strengths and sound economic fundamentals even though it has revised its outlook on the city's rating to negative from stable.
Acting Financial Secretary Prof KC Chan made the comments in response to S&P's revised outlook today, saying it still gives recognition to Hong Kong's sizable fiscal reserves, prudent fiscal policy, strong external position and above-average economic growth prospects.
S&P also affirmed Hong Kong's 'AAA' long-term and 'A-1+' short-term credit ratings, he said.
However, the Government disagrees with their assessment and revision of Hong Kong's outlook because the Mainland will remain a key source of growth and stability for the global economy despite uncertain global economic outlook.
He also said the Government continues to believe Hong Kong is in a good position to benefit from the structural rebalancing in the Mainland economy from investment to consumption, as the services demand increase will create new business opportunities for a service-oriented economy like Hong Kong.
