Moody’s Investors Service has affirmed Macao’s local and foreign currency issuer ratings at Aa3 and changed the outlook to stable from negative. The factors driving the rating affirmation and stable outlook are Moody’s expectations that:
- The preservation of fiscal and external buffers, through a sharp economic downturn, provides significant room to counter future negative shocks;
- Ongoing progress on diversification bolsters prospects for more resilient GDP growth;
- Signs of policy effectiveness support institutional strength.
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