Hong Kong's credit rating downgraded
Fitch Ratings downgraded Hong Kong's long-term credit rating from AA+ to AA after angry protests continued. AA is the third-highest investment-grade rating given by Fitch.
The three months' worth of turmoil has threatened "the stability and dynamism of its business environment," according to the credit-rating agency. AA is the third-highest investment-grade rating given by Fitch.
Protesters stand near burning items during a protest during a protest in Mong Kok, Hong Kong on Friday, Sept. 6, 2019. (AP Photo/Kin Cheung)
Hong Kong's financial secretary, Paul Chan, Hong Kong's financial secretary, disagreed with Fitch's move to downgrade. He argued the protests have not affected how competitive Hong Kong is in the global market, according to a report in the Wall Street Journal.
Fitch said the unrest is "testing the perimeters and pliability of the 'one country, two systems'," and he added Hong Kong faces a difficult economic future because of that.
Riot police stand near burning items during a protest in Nathan Road, Hong Kong on Friday, Sept. 6, 2019. (AP Photo/Vincent Yu)
Hong Kong has been under China's rule since 1997, but it uses its own currency and has its own judiciary system as well.
Protests originally sparked in response to an extradition bill which was proposed by the Hong Kong government. If it had gone into effect, the bill would allow authorities to detain and extradite suspects who are wanted in other countries, including Taiwan and mainland China.
Hong Kong residents were concerned it would hurt the people's rights and freedom.
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As the turmoil continued, even after the government took the extradition bill off the table, protesters put forth five key demands, including an investigation into the alleged police brutality toward protesters during the unrest.