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Hong Kong protests

Fitch downgrades Hong Kong for first time in decades

Months of protests cast shadow over outlook

NEW YORK -- Fitch Ratings has downgraded Hong Kong, the latest sign that political instability and the city's gradual integration into mainland China are eroding global confidence in the financial hub.

The credit-rating agency lowered Hong Kong's long-term foreign-currency issuer default rating to AA from AA+ on Friday local time -- the city's first downgrade by Fitch since 1995, nearly two years before the handover to China. The outlook on the rating is negative.

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