The ax of Moody's it also crashes down Hong Kong. After downgrading China's rating for the first time in 28 years, the American rating agency also downgraded the former British colony, reducing its rating from Aa2 to Aa1. The improvement in the outlook, which goes from negative to stable, is not enough for the Hong Kong government, which has strongly protested against Moody's decision.
Previously, China had reacted in the same way to the rating cut, accusing the agency of overestimating the country's difficulties. Moody's downgraded China's credit rating from Aa3 to A1, with a stable outlook, on concerns over rising debt in the world's second largest economy.
As for Hong Kong, the agency notes its growing ties to the continent, such as linking the stock market with those in Shanghai and Shenzhen or getting involved with China's trade initiative."New Silk Road".
