S&P AA+ (Jul 08)                                                                                                                                                            Moody's Aa2 (Jul 07)                                                                                                                                                           Fitch AA (Jul 8)                                                                                                                                                                  R&IA A+ (Aug 08)                                                  

Global rating companies have assigned the above long-term foreign currency ratings for Hong Kong, China. The home pages of these rating agencies are linked below. There are no local credit rating agencies in Hong Kong, China. Instead, debt issues are rated by established global rating agencies. More than half of all Hong Kong dollar issues are rated issues.

In addition to the three global rating agencies (Standard & Poor's, Moody's, and Fitch), three other rating agencies are accredited by the Hong Kong Monetary Authority (HKMA) to participate in the profits tax concession scheme. These are Rating and Investment Information, Thomson Bank Watch, and Duff & Phelps Credit Rating. Issues rated by these six rating agencies may be eligible for concessionary tax rates.

Rating definitions vary from agency to agency, and are provided through the links below. Rating selection involves information gathering, analysis, and monitoring of the financial health of an issuing entity. Rating methodologies and procedures of the various rating agencies can be found through the links below.