Hong Kong’s government has not put forward any tangible plans to address the political, economic and social concerns raised by its population over the past nine months. While this has resulted in a lower assessment of Hong Kong's institutions and governance, this credit metric remains markedly lower for China, which continues to have a lower sovereign rating than Hong Kong.

Recent US government warnings point to a heightened risk of Iranian cyberattacks. Although predicting which sectors or issuers would be most at risk is difficult, there would likely be a wide range of potential targets. Any credit impact would depend on the scale, scope and duration of the attack.

Higher enrollment and rising tuition have historically been the main drivers of growing student loan balances, but slow repayments have now become the primary driver of growing student debt. Outstanding debt will continue to grow, with ongoing social and credit implications.

As governments limit carbon emissions and demand for sustainable energy sources grows, investors are increasingly placing a premium on noncarbon emitting resources, which is driving the value of hydroelectric power generation higher. In addition to its highly sustainable nature, other inherent characteristics — including reliability, flexible and cost-effective operations, and a long asset life — support long-term investment prospects for hydro generation.