The international rating agency Moody's yestoday upgraded Hong Kong's long-term foreign currency rating from A1 to Aa3 - the level same with civil currency, with a positive outlook; while it also upgraded Hong Kong's foreign-currency bank deposit ceiling from A1 to Aa3, with a positive outlook.
Moody's vice president and HK Chief analyst Steven Hess said there are no reasons to keep the difference between HK's foreign currency and its civil currency. Hong Kong residents own huge plenty of foreign currency, which is benefit to defense the potential economic or financial strike.
Compared with the other countries and districts gaining the same rating, Hong Kong government has a stable and healthy fiscal condition and is one of governments with lowest debts rate; while it owns eighth-largest foreign currency reserves in the world.
Moody's said also HK investors will face the risks from mainland as a special administration areas of China, but HK owns a certain degree economic rebounce to endure potential risks, which make it with a higher credit rating than mainland.
Hong Kong Financial Secretary Henry Tang welcomed Moody's decision and said the move show international recognition of Hong Kong's improved public finances and growth prospects.
Hong Kong has now achieved AA-category ratings by all major international credit rating agencies. The latest ratings are also the highest that have ever been assigned to Hong Kong. The Moody's upgrade is a major breakthrough as it has allowed Hong Kong's rating to rise above that of the Mainland by more than one notch, Mr Tang said.