Moody's changes Hong Kong Mortgage outlook to stable

Moody's Investors Service said it affirmed the long-term foreign- and local-currency senior debt and issuer ratings of Hong Kong Mortgage Corp. Ltd. at Aa1 and revised its outlook to stable from positive. Its short-term issuer rating is also affirmed at P-1.

The rating action follows Moody's decision to change the outlook on Hong Kong's sovereign rating to stable from positive. Hong Kong Mortgage's long-term ratings are aligned with those of Hong Kong given the former's government ownership and public policy mandates, the broad representation of government officials and legislators on its board of directors and ongoing and expected extraordinary government support during times of stress, the agency said.

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