Moody’s Investors Service, an international credit rating agency, disseminated the annual credit analysis of Macao SAR and the relevant press release today (5 June), which comments that Macao SAR’s long-term issuer ratings at “Aa3” with a “stable” rating outlook are underpinned by the Government’s fiscal surpluses and absence of debt.     

Moody’s points out that the preservation of very large fiscal and external buffers during economic adjustment from early-2014 to mid-2016 highlights Macao SAR’s high capacity to absorb economic shocks.  The rating agency expects Macao’s economic growth to continue over the medium term on the back of growing gaming and non-gaming tourism. 

“Aa3” is three notches lower than the highest rating.  According to Moody’s rating definitions, ratings in the “Aa” category are high investment grade and are subject to very low credit risk.

Moody’s press release can be found via this link:

https://www.moodys.com/research/Moodys-Macaos-credit-profile-reflects-absence-of-government-debt-and--PR_384558