Moody’s changes Hong Kong’s outlook to negative from stable By Reuters

(Reuters) – Moody’s (NYSE:) on Wednesday downgraded its outlook on Hong Kong to negative from stable, just a day after Moody’s cut China’s credit outlook.

The ratings agency has also changed the outlook on Macau to negative from stable.

The rating action follows Moody’s downgrade warning on China’s sovereign credit rating on Tuesday, saying costs to bail out local governments and state firms and control its property crisis would weigh on the world’s second-largest economy.