Macao Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Aa3 Negative | NR | AA Stable | NR | NR |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Dec 06, 2023 | Moody's | Aa3 | Stable | Aa3 | Negative | |
| Apr 15, 2021 | Fitch | AA | Negative | AA | Stable | |
| Dec 16, 2019 | Fitch | AA | Stable | AA | Negative | |
| Feb 13, 2018 | Fitch | AA- | Stable | AA | Stable | |
| May 24, 2017 | Moody's | Aa3 | Negative | Aa3 | Stable | |
| May 25, 2016 | Moody's | Aa2 | Negative Watch | Aa3 | Negative | |
| Mar 11, 2016 | Moody's | Aa2 | Stable | Aa2 | Negative Watch | |
| Mar 02, 2014 | Moody's | Aa3 | Stable | Aa2 | Stable | |
| May 22, 2013 | Fitch | NR | AA- | Stable | ||
| Jul 26, 2007 | Moody's | A1 | Positive Watch | Aa3 | Stable | |
| May 30, 2007 | Moody's | A1 | Positive | A1 | Positive Watch | |
| Jul 06, 2006 | Moody's | A1 | Stable | A1 | Positive | |
| Oct 15, 2003 | Moody's | A3 | Positive Watch | A1 | Stable | |
| Sep 21, 2003 | Moody's | A3 | Positive | A3 | Positive Watch | |
| Feb 09, 2003 | Moody's | Baa1 | Stable | A3 | Positive | |
| Nov 03, 1997 | Moody's | NR | Baa1 | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Macao’s current credit rating?
Macao’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Macao’s credit risk.
Has Macao’s credit rating changed recently?
This page lists the latest rating and outlook actions for Macao, showing when each agency last reviewed or changed its assessment.
Why does Macao’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Macao's bond yields, currency, and equity flows as investors reassess risk.
How does Macao’s rating compare to other countries?
You can explore how Macao ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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