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Financial News: Fitch Affirms Hong Kong's Sovereign Ratings

Fitch Affirms Hong Kong's Sovereign Ratings

06/14/2018 - 08:07:00 (RTTNews)

(RTTNews) - Fitch Ratings affirmed sovereign ratings of Hong Kong with a 'stable' outlook, late Wednesday.

Earlier on Thursday, the central bank adjusted its interest rate upward after the U.S. Federal Reserve hiked its key rate by a quarter point.

The Base Rate was adjusted upward by 25 basis points to 2.25 percent with immediate effect according to a pre-set formula.

Fitch said Hong Kong's 'AA+' was underpinned by its exceptionally strong public and external finances, high income levels, and a resilient and flexible economy.

The ratings were principally constrained by the territory's deep integration with lower-rated mainland China, including via the banking sector, the agency said.

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