A now withdrawn extradition bill has sparked protests that have occasionally degenerated into violence, creating Hong Kong's worst social unrest in decades and hurting the city's economy.
Credit ratings agency Fitch downgraded Hong Kong's long-term foreign-currency issuer default rating from "AA+" to "AA" on Friday, citing protracted turmoil in the city for its negative outlook.
Even with concessions to some protester demands, a "degree of public discontent is likely to persist," Fitch analysts said. Protesters react after police fired tear near the government headquarters of Hong Kong on August 31, 2019.The ratings agency cut Hong Kong's long-term foreign-currency issuer default rating from "AA+" to "AA" with a negative outlook.
"Months of persistent conflict and violence are testing the perimeters and pliability of the 'one country, two systems' framework that governs Hong Kong's relationship with the mainland, underscored by mainland officials taking a more public stance on Hong Kong affairs than at any time since the 1997 handover," Fitch analysts wrote in a note.
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