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S&P Global Ratings lowered its sovereign rating on Hong Kong citing spillover risks after lowering the ratings on China.
Hong Kong's rating was downgraded to 'AA+' from 'AAA'. The outlook was stable.
S&P said Hong Kong has very strong institutional and political linkages with China. The latest move reflects potential spillover risks to Hong Kong should deleveraging in China prove to be more disruptive than currently expected.
The stable outlook indicates Hong Kong's very strong credit metrics as well as the outlook on the Special Administrative Region's central government, China.
The rating of Hong Kong was three notches higher than the sovereign credit rating on China.
The rating agency noted that Hong Kong enjoys above-average economic growth prospects for a high-income economy. Further, Hong Kong's institutions and policies support an open and free economy. Also, Hong Kong has strong fiscal and external positions.
S&P had lowered China's sovereign ratings by one notch to 'A+' on Thursday, citing higher economic and financial risks after a prolonged period of strong credit growth.
