FILE PHOTO: A Star Ferry sails past Hong Kong's business Central district June 18, 2014. REUTERS/Bobby Yip
However, the rating agency added that the prolonged protests are undermining perceptions that Hong Kong is a stable international business hub and that a weaker view of its governance could impact its credit rating directly. In September, Fitch had downgraded Hong Kong’s long-term foreign currency issuer default rating to “AA” from “AA+” following months of protests.
Fitch said on Thursday that while Hong Kong’s short-term outlook continues to deteriorate, the medium-term prospects seem more positive. The economy has sunk into its first recession in a decade, with businesses under pressure from the protests and protracted U.S.-China trade war.
So CCP’s desperate to build another financial centre for replacement. Seems they don’t even grasp the key idea for Hong Kong’s success.