Moody’s and S&P Global keep ‘Aa3’ and ‘AA+’ credit ratings for Hong Kong
Both rating agencies point to city’s substantial fiscal buffers and foreign exchange reserves, strong external balance sheet and high per capita income levels

Moody’s and S&P Global have maintained their “Aa3” and “AA+” credit ratings for Hong Kong, with both agencies citing the city’s substantial fiscal buffers and foreign exchange reserves, strong external balance sheet and high per capita income levels.
Moody’s also upgraded the city’s outlook from “negative” to “stable”. Their grades on Tuesday came after Fitch maintained its “AA-” credit rating and “stable” outlook for Hong Kong last week.
Aa3 is the fourth-highest rating on Moody’s scale, while S&P Global’s AA+ is the second highest. They both signify very low credit risk and indicate that the issuer has a strong capacity to repay its debts.
Moody’s also pointed to the resilience of the city’s economy and financial system at a time of trade tensions, while S&P noted Hong Kong’s flexible and effective government policies and the linked exchange rate, which promoted monetary and financial stability.
In response, a government spokesman said: “The recent affirmations of Hong Kong’s credit ratings by Fitch, S&P and Moody’s, all with ‘stable’ outlooks, demonstrate Hong Kong’s resilience in maintaining stability amid increasing global economic and financial uncertainties.
“Recent data has further underscored the robustness of Hong Kong’s financial system. Bank deposits have continued to grow, capital markets remain active and the IPO market is thriving, all of which signal global investors’ confidence in Hong Kong.”