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The Government today (November 25) welcomed Fitch's decision to upgrade Hong KongĄ¯s long-term foreign-currency sovereign rating to "AA+" from "AA", with "Stable" outlook.
Fitch attributed the upgrade to Hong Kong's strong external financial position, solid public finances, well-regulated and capitalised financial system, dynamic and flexible economy and strong standards of governance.
Fitch also recognised that the dynamism and resilience of Hong KongĄ¯s economy was again demonstrated through the recent global financial crisis and associated downturn.
Welcoming the rating upgrade, the Financial Secretary, Mr John C Tsang hailed Fitch's decision as a recognition of the underlying strengths of Hong KongĄ¯s economy and its success in combating the international financial crisis.
"We will keep a close watch over world economic developments and take appropriate precautions against any possible adverse impact on Hong Kong," Mr Tsang said.
Fitch last upgraded Hong Kong's long-term foreign-currency sovereign rating to "AA" from "AA-" in July 2007, with "Stable" outlook. The long-term local-currency sovereign rating is currently at "AA+", with "Stable" outlook.
Ends/Thursday, November 25, 2010
Issued at HKT 17:23
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