Moody’s Downgrades Hong Kong Outlook to ‘Negative’ as Protests Continue

Protesters hold up banners, placards, Union Jack flags as they gather at the British consulate General in Hong Kong, China, on Sept. 15, 2019. Athit Perawongmetha/Reuters

HONG KONG—Credit rating agency Moody’s changed its outlook on Hong Kong’s rating to negative from stable on Sept. 16, reflecting what it called the rising risk of “an erosion in the strength of Hong Kong’s institutions” amid the city’s ongoing protests.

The move follows Fitch Ratings’ downgrade earlier this month on Hong Kong’s long-term foreign-currency-issuer default rating from “AA+” to “AA.”