Moody's Investors Service today downgraded Hong Kong's local currency and foreign currency issuer ratings to Aa2 from Aa1 and changed the outlook to stable from negative.

The announcement follows Moody's downgrade of China's rating to A1 from Aa3 and change in the outlook to stable from negative.

The downgrade in Hong Kong's rating reflects Moody's view that credit trends in China will continue to have a significant impact on Hong Kong's credit profile due to close and tightening economic, financial and political linkages with the mainland.

Hong Kong's local currency senior unsecured debt ratings are downgraded to Aa2 from Aa1.

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