Moody’s trims Hong Kong Mortgage, view to stable

Moody’s Investors Service said it downgraded Hong Kong Mortgage Corp. Ltd.’s long-term senior unsecured and issuer ratings to Aa3 from Aa2.

Moody’s also revised the outlook on HKMC to stable from negative.

The rating action on the company follows Moody’s recent announcement to downgrade the Hong Kong government’s issuer rating to Aa3 from Aa2. Hong Kong Mortgage’s long-term ratings are at the same level as the Hong Kong government's issuer ratings given the former’s government ownership and public policy mandates, representation of government officials and legislators on its board of directors and ongoing and expected extraordinary government support during times of stress, Moody’s said.

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