HK financial secretary questions Moody’s over downgrade

HONG KONG: Moody’s Investors Service’s decision to downgrade Hong Kong’s debt rating last week was based on “shallow” evidence, Hong Kong financial secretary Paul Chan wrote in a blog.

“The evidence on which the ratings company mechanically downgraded Hong Kong’s debt rating based on the very close economic relationship between Hong Kong and the mainland is shallow,” Chan wrote in a blog on the official website of the financial secretary.