Credit rating agency Moody's became the second of the big three global credit agencies to change its outlook on Hong Kong's rating to negative from stable on September 16. Hong Kong's rating remains at Aa2, Moody's third-highest ranking. This is reflecting what Moody has called the rising risk of "an erosion in the strength of Hong Kong's institutions" amid the city's ongoing protests. Since June, Hong Kong has been gripped by huge and violent protests for over 100 days.