Moody's Maintains Macao SAR’s Long-Term Credit Rating at “Aa3”

MACAU, April 28 - Moody’s Investors Service (Moody’s) announces today (28 April) that it maintains the credit rating (long-term issuer rating) of the Macao SAR at “Aa3” and changes the outlook from “negative” to “stable”.

The international rating agency reaffirms the “Aa3” rating (the fourth highest) of the Macao SAR, primarily based on the SAR’s exceptionally strong fiscal and external positions, reinforced by the absence of outstanding government debt, which collectively provides the Macao SAR with significant capacity to withstand shocks.  Concurrently, in light of the strong economic linkages between the Macao SAR and the Chinese mainland, and given that China’s macroeconomy and fiscal strength have demonstrated remarkable resilience in the face of external shocks, Moody’s has decided to align its outlook revision for the Macao SAR with that of the Chinese mainland, following its decision yesterday (27 April) to revise the outlook for the Chinese mainland from “negative” to “stable”.

According to Moody’s rating definitions, “Aa3” belongs to high investment grade with very low credit risk.