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Financial Secretary John Tsang has welcomed Moody's decision to upgrade Hong Kong's long-term foreign-currency and local-currency rating outlook to 'positive' from 'stable', with ratings at 'Aa2'.
The upgrade reflected Moody's recognition of Hong Kong's capability to sail through the global financial crisis smoothly, he said.
"I am pleased to note Moody's recognition of Hong Kong's credit strengths and that the hypothetical risk emanating from the Mainland has lessened. We will continue to impress upon Moody's the Mainland also presents huge upward potential to Hong Kong through our strong trade and financial links," Mr Tsang said.
Moody's attributed the upgrade to the government's financial strength, very low levels of government debt and large fiscal reserves.
Moody's also upgraded China's rating outlook to positive from stable, with ratings remaining at A1. Due to increasing integration between Hong Kong and the Mainland, Hong Kong's rating is marginally lower than its intrinsic credit strength, it said.
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