Fitch upgrades Hong Kong's rating to AA+

Fitch's decision deemed as acknowledgement of Hong Kong's economic strength and its success in weathering international financial crisis.

Financial Secretary John Tsang on Thursday welcomed Fitch's upgrading of Hong Kong's long-term foreign currency sovereign rating to AA+ from AA, with a "stable" outlook, according to a government report.

Fitch attributed the upgrade to Hong Kong's strong external financial position, solid public finances, well-regulated and capitalised financial system, dynamic and flexible economy, and strong standards of governance. It also recognised the dynamism and resilience of Hong Kong's economy was again demonstrated through the recent global financial crisis and associated downturn.

Mr Tsang hailed Fitch's decision as recognition of the underlying strengths of Hong Kong's economy and its success in combating the international financial crisis.

"We will keep a close watch over world economic developments and take appropriate precautions against any possible adverse impact on Hong Kong," he said.

Fitch last upgraded Hong Kong's long-term foreign-currency sovereign rating to AA from AA- in July 2007, with a "stable" outlook. The long-term local-currency sovereign rating is AA+ with a "stable" outlook.