Fitch Downgrades Hong Kong Following Months of Protests

Fitch Ratings has lowered its rating on Hong Kong, citing uncertainty about the stability of the business environment following months of protests and looming challenges stemming from the city’s closer integration with mainland China, the Financial Times reported. The rating agency is the first to downgrade Hong Kong's long-term foreign-currency issuer default rating since the start of violent clashes between protesters and police, lowering its ranking of the Asian financial hub from double A plus to double A with a negative outlook, signalling the potential for further falls. Fitch said that months of persistent conflict and violence had inflicted long-lasting damage to international perceptions of Hong Kong's governance system and rule of law, as well as calling into question the stability of its business environment. Read more