TUESDAY, DECEMBER 8, 1992
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STATEMENT ON DEBT RATINGS
IN ANSWER TO QUEST LONS ON THE STANDARD AND POOR'S (S&P) ANNOUNCEMENT, A GOVERNMENT SPOKESMAN SAID TODAY (TUESDAY) THAT HONG KONG'S ECONOMIC FUNDAMENTALS WERE STRONG AND WERE NOT IN ANY WAY UNDERMINED BY S&P'S DECISION TO PLACE HONG KONG'S LONG-TERM DEBT RATINGS ON CREDIT-WATCH.
"THE DECISION ONLY APPLIES TO LONG-TERM DEBT, AND IT DOES NOT INVOLVE ANY IMMEDIATE KONG'S RATING.
ᎠᎬᏒᎢ ; NOT SHORT-TERM DOWNGRADING OF HONG
"THIS IS AN IMPLIED' RATING IN THAT IT HAS BEEN PREPARED AT S&P'S INITIATIVE, NOT AT THE REQUEST OF THE HONG KONG GOVERNMENT,
"NO DECISION WILL BE TAKEN ON DOWNGRADING UNTIL AFTER S&P'S ANNUAL REVIEW, DUE EARLY NEXT YEAR, WHEN THE GOVERNMENT HOPES THAT THE AGENCY WILL REAFFIRM ITS CONFIDENCE IN THE LONG-TERM STABILITY OF THE TERRITORY.
THE SPOKESMAN SAID EVEN IF S&P WERE TO DOWNGRADE THE RATING, HONG KONG WOULD REMAIN WITHIN THE PREMIER INVESTMENT GRADE CATEGORIES FAVOURED BY INTERNATIONAL INSTITUTIONAL INVESTORS.
"HONG KONG'S ECONOMIC FUNDAMENTALS ARE FIRMLY BASED WITH ANNUAL GDP GROWTH RUNNING AT ABOUT 5 PER CENT. THIS IS CLOSELY LINKED TO THE ECONOMY OF SOUTH CHINA WHICH HAS A DOUBLE-DIGIT GROWTH RATE.
"HONG KONG ALSO HAS THE WORLD'S 12TH LARGEST ÞOREIGN CURRENCY RESERVES AND A STRONG AND STABLE CURRENCY
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THE
"DESPITE RECENT SHORT-TERM VOLATILITY IN THE STOCK MARKET, HANG SENG INDFX IS STANDING ABOUT 22 PER CENT ABOVE ITS LEVEL AT THE BEGINNING OF THIS YEAR, HE SAID.
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THE POSTINGS :-
MORE SENTOR CIVIL SERVICE POSTINGS ANNOUNCED
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GOVERNMENT ANNOUNCED TODAY (TUESDAY) THE FOLLOWING SENIOR
MR MICHAEL CARTLAND, DIRECTOR OF SOCIAL WELFARE, WILL TAKE OVER FROM MR DAVID NENOTOK, THE CURRENT SECRETARY FOR MONETARY AFFAIRS, EN MID-JANUARY 1993. ON THE CREATION OF THE HONG KONG MONETARY AUTHORITY, THE MONETARY AFFAIRS BRANCH WILL BE RETITLED AS THE FINANCIAL SERVICES AND ECONOMIC ANALYSIS BRANCH. MR CARTLAND WILL BECOME THE SECRETARY FOR FINANCIAL SERVICES AND ECONOMIC ANALYSIS;
/* MRS ROSE GOODSTADT,
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