Macao Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Macao	Aa3 Stable	NR —	AA Stable	NR —	NR —

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Macao	Apr 28, 2026	Moody's	Aa3	Negative	Aa3	Stable
Macao	Dec 06, 2023	Moody's	Aa3	Stable	Aa3	Negative
Macao	Apr 15, 2021	Fitch	AA	Negative	AA	Stable
Macao	Dec 16, 2019	Fitch	AA	Stable	AA	Negative
Macao	Feb 13, 2018	Fitch	AA-	Stable	AA	Stable
Macao	May 24, 2017	Moody's	Aa3	Negative	Aa3	Stable
Macao	May 25, 2016	Moody's	Aa2	Negative Watch	Aa3	Negative
Macao	Mar 11, 2016	Moody's	Aa2	Stable	Aa2	Negative Watch
Macao	Mar 02, 2014	Moody's	Aa3	Stable	Aa2	Stable
Macao	May 22, 2013	Fitch	NR	—	AA-	Stable
Macao	Jul 26, 2007	Moody's	A1	Positive Watch	Aa3	Stable
Macao	May 30, 2007	Moody's	A1	Positive	A1	Positive Watch
Macao	Jul 06, 2006	Moody's	A1	Stable	A1	Positive
Macao	Oct 15, 2003	Moody's	A3	Positive Watch	A1	Stable
Macao	Sep 21, 2003	Moody's	A3	Positive	A3	Positive Watch
Macao	Feb 09, 2003	Moody's	Baa1	Stable	A3	Positive
Macao	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	CC	CC
Extremely Speculative Grade			C	CC	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.