PRUDENT FISCAL STANCE UNDERPINS HK’s CREDITWORTHINESS: S&P

SINGAPORE - Standard & Poor's Ratings Services says Hong Kong's projected budgetary surplus for this fiscal year strengthens the Government's robust fiscal position, which underpins the issuer credit rating (AAA/Stable/A-1+; cnAAA/cnA-1+). The Government estimates the consolidated surplus for fiscal 2012-2013 (ending March) at HK$ 64.9 billion, or 3.2% of GDP. The surplus reflects the resilient earnings and profitability of local enterprises, increased land sales, and lower expenditure than the Government initially projected.