CONFIDENTIAL
020021
MDHIAN
5
5.
WE ARE CONSIDERING THE RESPONSE WE WOULD USE IN PUBLIC AND WE
SHALL ADVISE YOU I.D.C.
ASSESSMENT
6.
THE DOWNGRADING AT THIS TIME IS DISAPPOINTING, BUT ITS FINANCIAL CONSEQUENCES ARE EXPECTED TO BE VERY LIMITED. S AND P ARE MOVING TOWARDS MERGING HK'S CREDIT RATING WITH CHINA'S. THIS
IS UNFORTUNATE. THE FINANCIAL SECRETARY WILL BE IN WASHINGTON AT THE END OF THIS MONTH, AND WILL HAVE A CHANCE TO DISCUSS THE ISSUE WITH S AND P.
PATTEN
YYYY
MAIN
24
DISTRIBUTION
35
.HK FINANCIAL
·
(DIALOGUE)
HKD
PUSD//HD
ECONOMIC ADVISERS//HD
ERD//HD
RAD//MR WYE
PS
PS/MR GOODLAD
PS/PUS
SIR J COLES
MR HUM
FED//HD
ADDITIONAL
11
CAOFF//SIR R BRAITHWAITE
CAOFF //MS DL CORNER CAOFF//MR SIBSON
CAOFF//MISS NEVILLE JONES
BANK ENG// MR A CROCKETT
BANK ENG//MR C ELSTON
BANK ENG//MR LATTER
HMT//PS/CHANCELLOR
HMT//MR MORTIMER HMT//MR S WOOD
HMT//MS H ROBERTS
NNNN