Moody’s keeps Macau’s ‘Aa3’ rating

Moody’s Investors Service announced yesterday that it is keeping its Aa3 issuer rating for the Macau government. That is three levels below the top grade. Despite the Macau government being the only government rated by Moody’s that has no debt, the rating agency says its score reflects the city’s high dependence on the gaming sector. Macau’s economy “remains vulnerable to external shocks in the form of fewer tourists visiting” the city as well as competition in the gaming sector from other Asian destinations, Moody’s said.