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Moody’s Downgrades Hong Kong for ‘Inertia’ Over Protests

  • Moody’s says there’s no tangible plans to address concerns
  • Fitch took a similar action in September amid protests
Bloomberg business news
Hong Kong Credit Rating Cut One Notch by Moody’s
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Moody’s Investors Service lowered Hong Kong’s rating as a long-term issuer of debt by one notch on Monday, just months after Fitch Ratings took a similar action amid political protests.

Moody’s cited a degree of “inertia” characterizing the legislative and executive branches of government in the statement, as it lowered the rating to Aa3 from Aa2. The ratings agency also changed the outlook to “stable” from “negative.”