Analysts point to growth in non-oil sector showing clear signs of recovery, likely to contribute to country’s economic growth over medium to long-term.
International ratings agency paints cautiously rosy future for city and its main industry, notes Macao’s finances are among strongest across Fitch-rated sovereigns.
Rating agency’s move comes as gaming operator seeks new HK$19 billion loan amid uncertainty surrounding industry’s future in Macao.
The outlook is positive, despite last year’s rocky economic performance, thanks to prudent fiscal measures taken by the government, says Fitch.
Fitch Ratings, the international ratings agency, has reaffirmed Macau’s credit ratings at “AA”, the Macau Monetary Authority (AMCM) said.
Fitch Ratings Inc. announced yesterday that it has affirmed Macau’s long-term foreign-currency issue default rating (IDR) at “AA” with a stable outlook.
Fitch Ratings has upgraded Macau’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to AA from AA-, pointing out that “the outlook is stable”.
Fitch Ratings projects 12% gaming revenue growth in Macau for 2017 with equal contributions from the mass market and VIP segments.
Fitch Ratings is expecting Macau’s GDP to grow 2.5 percent in 2017, supported by improving gaming revenues from new resort openings.
The Fitch Ratings agency downgraded its annual growth forecast for Macau’s casino sector from 10% to 4% for this year