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Financial News: Fitch Maintains Hong Kong's Sovereign Ratings

Fitch Maintains Hong Kong's Sovereign Ratings

06/12/2019 - 02:20:00 (RTTNews)

(RTTNews) - Fitch Ratings maintained the sovereign ratings of Hong Kong citing strong public finance and resilient economy.

The agency affirmed the ratings at 'AA+' with a 'stable' outlook.

Fitch said the 'AA+' ratings were supported by its exceptionally strong public and external finances, high income levels, and a resilient and flexible economy.

However, the ratings were principally constrained by the territory's deeper integration with lower-rated mainland China.

Despite active fiscal policy response to slowing economy, public finances are a clear strength, the agency noted. Fitch forecast a budget surplus of 0.8 percent of GDP in FY 2019-20.

The agency cautioned that Hong Kong's economy is vulnerable to further escalations in US-China trade tensions. Nonetheless, the current account surplus is expected to remain strong this year, at around 5 percent of GDP.

Hong Kong's GDP is expected to advance 1.6 percent in 2019, which is below the official 2-3 percent forecast range.

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