S&P stands by Hong Kong rating despite turmoil

Demonstrators react after tear gas was fired by riot police during a protest in Tsim Sha Tsui district of Hong Kong, China, on Monday, Nov. 18, 2019. Protesters clashed with police in chaotic scenes as dozens fled Hong Kong Polytechnic University in Kowloon, leading to multiple arrests and injuries, as a standoff continued in the heart of the city. Photographer: Kyle Lam/Bloomberg

TOKYO: Hong Kong’s unique access to mainland China will keep the city as an Asian financial hub and its credit rating intact despite ongoing protests, according to S&P Global Ratings.

Hong Kong has "much better access” to China’s mainland market compared to any other country and this advantage will not go away in wake of the protests, Kim Eng Tan, senior director of sovereign ratings at the ratings firm, said in an interview.

He said he doesn’t expect many of the demands of the protesters to be met by the Hong Kong government given that any change would be subject to approval by China.