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12/6/2023, 2:54 PM (Source: TeleTrader)
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Moody's lowers Hong Kong's rating outlook to negative

Moody's Investors Service downgraded its outlook on Hong Kong's credit rating from "stable" to "negative" for the first time since January 2020, AFP reported on Wednesday.

The agency said the main factor for the negative outlook on Hong Kong's rating was due to the strong link between the financial center's and China's credit profiles, adding that the city's economy got a boost from Bejing's post-pandemic recovery, but the recovery slowed in the second half of the year.

China's Ministry of Finance expressed its disappointment yesterday after Moody's downgraded the country's credit outlook to "negative," saying that China remains a key driver of global economic growth."

Baha Breaking News (BBN) / DD