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Hong Kong Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aa3 Stable | AA+ Stable | AA- Stable | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| May 27, 2025 | Moody's | Aa3 | Negative | Aa3 | Stable | |
| Dec 06, 2023 | Moody's | Aa3 | Stable | Aa3 | Negative | |
| Apr 20, 2020 | Fitch | AA | Negative | AA- | Stable | |
| Jan 20, 2020 | Moody's | Aa2 | Negative | Aa3 | Stable | |
| Sep 16, 2019 | Moody's | Aa2 | Stable | Aa2 | Negative | |
| Sep 05, 2019 | Fitch | AA+ | Stable | AA | Negative | |
| Sep 22, 2017 | S&P | AAA | Negative | AA+ | Stable | |
| May 24, 2017 | Moody's | Aa1 | Negative | Aa2 | Stable | |
| Mar 31, 2016 | S&P | AAA | Stable | AAA | Negative | |
| Mar 12, 2016 | Moody's | Aa1 | Stable | Aa1 | Negative | |
| Apr 16, 2013 | Moody's | Aa1 | Positive | Aa1 | Stable | |
| Nov 21, 2011 | Fitch | AA+ | Stable | AA+ | Stable | |
| Dec 16, 2010 | S&P | AA+ | Stable | AAA | Stable | |
| Nov 25, 2010 | Fitch | AA | Stable | AA+ | Stable | |
| Nov 10, 2010 | Moody's | Aa2 | Positive Watch | Aa1 | Positive | |
| Oct 08, 2010 | Moody's | Aa2 | Positive | Aa2 | Positive Watch | |
| Nov 08, 2009 | Moody's | Aa2 | Stable | Aa2 | Positive | |
| Jul 31, 2008 | S&P | AA | Positive | AA+ | Stable | |
| Sep 26, 2007 | Moody's | Aa3 | Positive Watch | Aa2 | Stable | |
| Jul 26, 2007 | S&P | AA | Stable | AA | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Hong Kong’s current credit rating?
Hong Kong’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Hong Kong’s credit risk.
Has Hong Kong’s credit rating changed recently?
This page lists the latest rating and outlook actions for Hong Kong, showing when each agency last reviewed or changed its assessment.
Why does Hong Kong’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Hong Kong's bond yields, currency, and equity flows as investors reassess risk.
How does Hong Kong’s rating compare to other countries?
You can explore how Hong Kong ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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