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.
