Credit ratings affirmations by S&P and Moody’s

S&P has maintained Hong Kong's 'AA+' credit rating with a 'stable' outlook, while Moody's has affirmed Hong Kong's 'Aa3' credit rating, and upgraded the outlook from 'negative' to 'stable' on 27 May 2025.

Both rating agencies provided positive evaluations of Hong Kong's credit profile, including its substantial fiscal buffers and foreign exchange reserves, a strong external balance sheet, and high per-capita income levels. Moody's highlighted that, despite global trade tensions and lower trade growth, Hong Kong's effective policy framework, along with the resilience of its economy and financial system, will continue to support its creditworthiness. S&P noted that the HKSAR Government's policy flexibility and effectiveness have improved, while Hong Kong's Linked Exchange Rate System has provided an anchor for the financial system, even through episodes of volatility.

The HKSAR Government responded that the recent affirmations of Hong Kong's credit ratings by Fitch, S&P and Moody's, all with 'stable'; outlooks, demonstrate Hong Kong's resilience in maintaining stability amid increasing global economic and financial uncertainties. Both S&P and Moody's have also highlighted the HKSAR Government's substantial fiscal reserves.

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