MACAO - International rating agency Moody's Investors Service on Monday affirmed the Macao Special Administrative Region's (SAR) long-term issuer ratings at "Aa3" with a "stable" rating outlook, according to a press release published by the agency.

Moody's pointed out that Macao SAR's strong fiscal and external positions as well as high per capita income would continue to provide material buffers against shocks to support its credit ratings.

Meanwhile, Moody's maintained the "stable" rating outlook because it expected Macao's economic activity to be restored to pre-pandemic levels by 2024.

"Aa3" is the fourth highest rating. According to Moody's rating definitions, ratings in the "Aa" category are high investment grade and are subject to very low credit risk.