Hong Kong's reputation as a global business hub was dealt a fresh blow Monday after Moody's downgraded a key rating, blaming a lack of government response to months of popular
protests and China's increased influence over the city's institutions.
The rating downgrade is a major blow to Hong Kong's pro-Beijing leader Carrie Lam, who has struggled to end more than seven months of huge and often violent pro-democracy protests.
It also reflects growing concern within the business community that the institutional features that give Hong Kong more political and economic autonomy are weakening under pressure from the authoritarian mainland.