According to a press release published by Fitch Ratings today, the international rating agency affirms Macao SAR’s credit ratings (long-term foreign and local currency issuer default ratings) at “AA-” with a “stable” outlook.  

Despite three consecutive years of economic contraction, the rating agency points out that Macao SAR’s exceptionally strong fiscal and external financial position, zero government debt, prudent public expenditure management and credible policy framework are key factors supporting its high credit ratings and “stable” outlook.

According to Fitch’s rating definitions, ratings in the “AA” category indicate a very strong fiscal position for payment of financial commitments and the capacity is not significantly vulnerable to foreseeable events.  Therefore, the expectations of default risk are very low.