S&P: Four Hong Kong companies to negative

Standard & Poor’s said it revised the outlooks on four Hong Kong government-related entities to negative from stable.

The ratings on the companies were affirmed.

Airport Authority Hong Kong’s outlook was revised to negative and its corporate credit rating was affirmed at AAA and greater China regional scale rating at cnAAA.

Kowloon-Canton Railway Corp.’s outlook was revised to negative and its corporate credit rating was affirmed at AAA and greater China regional scale rating at cnAAA.

MTR Corp. Ltd.’s outlook was revised to negative and its corporate credit rating was affirmed at AAA and greater China regional scale at cnAAA.

Urban Renewal Authority’s outlook was revised to negative and its corporate credit rating was affirmed at AAA and greater China regional scale at cnAAA.

The outlook revisions follow a similar revision of the outlook on the sovereign credit rating on Hong Kong, S&P said.

The ratings reflect the almost certain or extremely high likelihood of extraordinary support for the issuers from the Hong Kong government due to their critical roles in public service and strong links to the government, the agency said.

Hong Kong is facing weakening creditworthiness over the next 24 months, which may negatively affect the extent of any support, if needed, S&P said.

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