S&P changes Hong Kong Mortgage to negative

Standard & Poor's said it revised its outlook on Hong Kong Mortgage Corp. Ltd. to negative from stable and affirmed its AAA/A-1+ long- and short-term issuer credit ratings.

The agency also affirmed its cnAAA/cnA-1+ long- and short-term Greater China regional scale ratings on the company, in addition to all issue ratings.

S&P said the outlook revision follows a similar action on Hong Kong (Special Administrative Region) (Hong Kong: AAA/negative/A-1+; cnAAA/cnA-1+) on March 31.

The agency continues to align the ratings on Hong Kong Mortgage with the ratings on Hong Kong. This reflects S&P’s view of an almost certain likelihood that the Hong Kong government will provide a timely and sufficient extraordinary support in an unlikely event that Hong Kong Mortgage needs it. This is based on the agency’s assessment of Hong Kong Mortgage’s critical role in maintaining financial stability; and its integral link with the government.

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