Fitch Ratings downgraded Hong Kong as an issuer of long-term, foreign currency debt saying that the city is facing a “second major shock” from the coronavirus after prolonged social unrest last year.
Hong Kong’s rating was lowered to AA- from AA with a stable outlook, with real gross domestic product expected to fall by 5 per cent this year after a 1.2 per cent decline in 2019, Fitch said in a report on Monday.
“Efforts to contain the spread of the virus locally appear to be gaining traction, but risks to our forecast remain to the downside and dependent on the evolution of the pandemic globally, given Hong Kong’s status as a small, open economy,” analysts at the ratings agency wrote.
Fitch downgraded Hong Kong’s rating to its lowest level since 2007, putting it below that of markets such as Macau and on par with the likes of the United Kingdom.
The Hong Kong government said it was “disappointed” with Fitch’s assessment.
The pandemic is the latest blow to Hong Kong’s economy, threatening to further extend a recession that began in 2019.
The city’s shops and businesses buckled under the full force of the coronavirus outbreak in February as retail sales plummeted by the most on record amid growing travel restrictions and social-distancing measures.
Consumption in the city has been severely curtailed as mainland China tourists stopped visiting last year and residents have been staying at home to avoid infection during the coronavirus outbreak. The jobless rate rose for a sixth straight month in March to the highest level since October 2010.
Efforts to contain the virus’s spread have led to a contraction in economic activity that has prompted policymakers to announce the most expansionary budget in the territory’s history, said Fitch.
Authorities are introducing a host of supportive measures to ease financial pressures including an $18 billion (Dh66.1bn) stimulus package aimed at securing job retention.
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Schedule for show courts
Centre Court - from 4pm UAE time
Johanna Konta (6) v Donna Vekic
Andy Murray (1) v Dustin Brown
Rafael Nadal (4) v Donald Young
Court 1 - from 4pm UAE time
Kei Nishikori (9) v Sergiy Stakhovsky
Qiang Wang v Venus Williams (10)
Beatriz Haddad Maia v Simona Halep (2)
Court 2 - from 2.30pm
Heather Watson v Anastasija Sevastova (18)
Jo-Wilfried Tsonga (12) v Simone Bolelli
Florian Mayer v Marin Cilic (7)
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
More from Neighbourhood Watch:
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Indian construction workers stranded in Ajman with unpaid dues
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The years Ramadan fell in May
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