Hong Kong — Hong Kong’s reputation as a global business hub was dealt a new blow on Monday after Moody’s Investors Agency downgraded a key rating, blaming a lack of government response to months of popular protests and China’s increased influence over the city’s institutions.
In a statement explaining its decision to downgrade the long-term issuer and senior unsecured ratings one notch to Aa3, Moody’s delivered a blunt assessment of the government’s response to the protests. “It may also point to more significant constraints on the autonomy of Hong Kong’s institutions than previously thought,” the agency added, in a nod to pressure from Beijing.
Combined with the fallout of the US-China trade war, the protests have severely hampered the tourist and retail sectors and helped tip Hong Kong into a recession. But as Beijing and Lam dug in, the movement morphed into a broader campaign calling for democratic reforms and police accountability. Moody’s decision comes four months after Fitch downgraded the city’s sovereign rating, citing ongoing protests and uncertainty caused by closer integration with the Chinese mainland.
A major blow only to Moodys
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