Fitch Ratings downgraded Hong Kong's sovereign credit rating from AA to AA- with a stable outlook.
last year following widespread protests sparked by proposed changes to a law that would have allowed extradition to mainland China. Those protests dragged on for months and later morphed into broader anti-government demonstrations that sometimes turned violent, which badly damaged the city's image and businesses.
... this is the second major economic shock that Hong Kong is experiencing just in a matter of the last 12 months.The months-long unrests were behind earlier downgrades in Hong Kong's sovereign ratings by both Fitch and Moody's."It's important to remember that the Covid-19 pandemic is inflicting economic shocks and reverberations across all of the world," said Fennell.
"However, Hong Kong is a bit of a different starting point because of the social unrest that it experienced last year, and so this is the second major economic shock that Hong Kong is experiencing just in a matter of the last 12 months."
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