Standard and Poor’s has cut its long-term rating on Hong Kong, following its cut to China’s sovereign credit rating on Wednesday, to reflect “spillover risks” to the territory.
S&P lowered its long-term rating on Hong Kong to AA+ from AAA on Friday after it cut its credit rating on China by one notch to A+ from AA-. The ratings agency cited rising economic and financial risks in China following a prolonged period of strong credit growth as reasons for it cutting its rating on the world’s second-largest economy.
S&P said of the Hong Kong cut:
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