Fitch affirms Hong Kong

Fitch Ratings said it affirmed the long-term foreign- and local-currency issuer default ratings of the Hong Kong Special Administrative Region, People's Republic of China, at AA and AA+, respectively, along with its short-term foreign-currency issuer default rating at F1+ and country ceiling at AAA.

The outlook remains stable.

The ratings are underpinned by its strong external financial position, improving public finances, credible-linked exchange rate system, sound and robust banking system and a stable political and social environment, Fitch said.

The 'one country, two systems' governing principle has now been applied for more than a decade, the agency said, and Hong Kong retains considerable autonomy with respect to economic and financial policies.

But, economic and political developments in the Mainland remain important considerations in Fitch's assessment of Hong Kong's creditworthiness, the agency added.

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