Moody’s Ratings has affirmed the local and foreign currency issuer rating of the Macao SAR Government at Aa3 with a negative outlook, citing the jurisdiction’s strong fiscal reserves which have grown to MOP$624 billion (US$77.2 billion) as of March 2025.
An Aa3 credit rating refers to a high-quality, investment-grade rating indicating very low credit risk. It is the fourth-highest rating in Moody’s long-term corporate obligation scale and means Macau is judged to be of high quality with a very low probability of default.
In a Wednesday note, the ratings agency said the absence of government debt and the presence of large fiscal buffers placed the SAR in a particularly strong position, with its fiscal reserves equivalent to between five and six times the government’s annual expenditures.
