Credit rating agency Moody’s has maintained its rating on Macau at “Aa3”, the fourth highest possible rating, and explained its decision based on the territory’s economic “resiliency” a strong public finance position and low susceptibility to risks.
Moody’s added that despite the small size of the Macau economy and its high dependence on a single sector, the gaming industry, its resiliency has been demonstrated by high growth rates in the last decade, which have driven per capita income to a very high level.
In 2012, Macau’s GDP rose 9.9 percent to US$43.5 billion and per capita income was driven to US$76,588 per year as a result.
A Macau’s current account has posted an average surplus of 31 percent of GDP since 2002 and reached a high of 46 percent in 2011 driven by a rise in gaming sector revenue.
According to Moody’s Macau is still vulnerable to external shocks such as a drop in the number of tourists and competition in the gaming sector from other Asian destinations. (macauhub)