Economics
Fitch Downgrades Hong Kong for First Time Since 1995 on Turmoil
- Rating company says integration with China presents challenge
- Hong Kong’s Fitch rating still higher than mainland China’s
Students hold placards during a class boycott at the Chinese University of Hong Kong on Sept. 2.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
Fitch Ratings Inc. downgraded Hong Kong as an issuer of long-term, foreign currency debt for the first time since 1995, saying that the territory’s recent political turmoil raises doubts about its governance.
The rating was lowered to AA from AA+ with a negative outlook, the company said in an emailed statement Friday. The last Fitch downgrade of Hong Kong took place before the return of the former British colony to China.