Hong Kong’s credit rating downgraded after months of protests
On Friday, the global credit rating agency Fitch Ratings downgraded Hong Kong’s default ranking to “AA” for long-term foreign currency issuers from “AA+” following months of disturbances and demonstrations in the Asian financial hub.
Fitch Ratings said in his declaration that Hong Kong’s ranking view is positive.
The vast and sometimes brutal demonstrations have stirred the economic centre as a thousand chief to the presumed deterioration of Chinese rule’s liberties and independence.
Fitch said that it hopes the “one nation, two schemes” structure to stay untouched, but noted that amid latest agreements to individual demonstrators ‘ requirements, government dissatisfaction is probable to continue.
The rating agency considers the economic buffers of Hong Kong to stay untouched, although it anticipates that the region will fail to deliver its revenues.
The downgrading is the result of more protests in Hong Kong this summer, with protestors wishing to interfere with shipping connections to the airport following the battled removal by Carrie Lam of contentious extradition.
The extradition bill, which would allow individuals to be put on the court in Communist Party-controlled judiciary in continental China, led to mass demonstrations which have become a broader reaction against the Hong Kong administration and its leaders in Beijing.
The anti-government protests started in March, fearing that Beijing would undermine Hong Kong’s autonomy when it was returned to China in 1997.
Many citizens of Hong Kong worry that Beijing will erode the autonomy given to the former UK settlement when it was returned to China in 1997.
China rejects the accusation of interference and claims Hong Kong is a personal matter.
It denounced the demonstrations and advised against economic harm and probable use of power to settle disturbances. In a century, Hong Kong faces its first crisis.