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 “negative” outlook.
The rating agency reaffirms Macao SAR’s “AA” rating (the third highest), which is mainly based on its strong fiscal and external positions as well as the SAR Government’s stringent fiscal prudence. Expectations of default risk are therefore very low. Meanwhile, Fitch points out that moderate economic diversification and a shift towards a more stable growth model could benefit Macao’s economy over time.
The worldwide outbreak of the novel coronavirus pneumonia has been severely impacting the global economy. The SAR’s credible policy framework, resilient linked exchange rate system, solid external financial position, stringent fiscal discipline and sound financial system will continue to support Macao’s creditworthiness and economic resilience against the current shock.
Fitch’s press release can be found via this link:
https://www.fitchratings.com/research/sovereigns/fitch-affirms-macao-aa-ratings-maintains-negative-outlook-20-04-2020