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Article: Hong Kong Financial Strengths Can Withstand SARS.
- Article from:
- Business Wire
- Article date:
- April 7, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
NEW YORK--(BUSINESS WIRE)--April 7, 2003
Fitch Ratings said today that in spite of potential financial stress resulting from the spread of Severe Acute Respiratory Syndrome (SARS), Hong Kong can count on substantial credit strengths to weather the problem. These include fiscal reserves of 22% of gross domestic product (GDP), no outstanding government debt, and foreign exchange reserves of over US$113 billion. Fitch's ratings of Hong Kong, 'AA-' foreign currency and 'AA+' local currency (Hong Kong dollar), both with a Stable Outlook, remain secure at the current time, given that SARS should have little lasting effect on Hong Kong's ...