Current Hong Kong credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Hong Kong ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Hong Kong, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Hong Kong credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | AA+ | - | 22 Sep 2017 | rating downgrade |
| Moody's Investors Service | Aa3 | negative | 6 Dec 2023 | outlook downgrade |
| Fitch Ratings | AA- | - | 20 Apr 2020 | rating downgrade |
| DBRS | - | - |
Hong Kong: Long-term Rating Scales Comparison
Hong Kong long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Hong Kong sovereign debt. These scales help investors understand the likelihood that Hong Kong will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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Hong Kong Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 6 Dec 2023 | Aa3 | |||
| 20 Apr 2020 | AA- | |||
| 20 Jan 2020 | Aa3 | |||
| 16 Sep 2019 | Aa2 | |||
| 6 Sep 2019 | AA | |||
| 22 Sep 2017 | AA+ | |||
| 24 May 2017 | Aa2 | |||
| 31 Mar 2016 | AAA | |||
| 12 Mar 2016 | Aa1 | |||
| 16 Apr 2013 | Aa1 | |||
| 16 Dec 2010 | AAA | |||
| 25 Nov 2010 | AA+ | |||
| 10 Nov 2010 | Aa1 | |||
| 8 Nov 2009 | Aa2 | |||
| 31 Jul 2008 | AA+ | |||
| 26 Sep 2007 | Aa2 | |||
| 26 Jul 2007 | AA | |||
| 12 Jul 2007 | AA | |||
| 26 Sep 2006 | Aa3 | |||
| 27 Jul 2006 | AA | |||
| 24 Jul 2006 | AA- | |||
| 6 Jul 2006 | A1 | |||
| 18 Apr 2006 | AA- | |||
| 19 Jul 2005 | AA- | |||
| 3 May 2005 | A+ | |||
| 16 May 2004 | AA- | |||
| 15 Oct 2003 | A1 | |||
| 24 Apr 2003 | AA- | |||
| 25 Jun 2001 | AA- | |||
| 15 Feb 2001 | A3 | |||
| 8 Feb 2001 | A+ | |||
| 5 May 2000 | A3 | |||
| 6 Dec 1999 | A | |||
| 31 Aug 1998 | A | |||
| 22 Jun 1998 | A+ | |||
| 19 Feb 1998 | A3 | |||
| 14 May 1997 | A+ | |||
| 9 Aug 1995 | A+ | |||
| 13 Feb 1995 | A | |||
| 10 Aug 1994 | AA- | |||
| 7 Sep 1993 | A | |||
| 7 Dec 1992 | A | |||
| 4 Dec 1992 | A | |||
| 12 Feb 1990 | A | |||
| 9 Feb 1990 | A | |||
| 8 Nov 1989 | A3 | |||
| 26 Jun 1989 | A+ | |||
| 9 Nov 1988 | A2 | |||
| 23 Oct 1988 | A+ |
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