Fitch upgrades Macao to AA

Fitch Ratings said it upgraded Macao's long-term foreign-currency issuer default rating to AA from AA-.

The outlook is stable.

Fitch said the Macao authorities have demonstrated a commitment to fiscal prudence through a period of gaming windfalls and a heavy revenue shock.

As a result, the agency explained, the territory's fiscal and external balance sheets have strengthened to levels that more than offset the significant risks associated with its narrow economic base and concentration on mainland Chinese gaming tourism.

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