File photo: CGTN

MACAO, April 21 (Xinhua) -- Fitch Ratings, the international rating agency, has affirmed China's Macao Special Administrative Region's (SAR) credit ratings at "AA", the Monetary Authority of Macao said on Tuesday.

The rating agency reaffirmed Macao SAR's (long-term foreign and local currency issuer default) "AA" ratings, due to its strong fiscal and external positions as well as the SAR government's stringent fiscal prudence. Macao's expectations of default risk are therefore very low, it said.

Meanwhile, Fitch pointed out that moderate economic diversification and a shift towards a more stable growth model could benefit Macao's economy over time.

Macao owns credible policy framework, resilient linked exchange rate system, solid external financial position, stringent fiscal discipline and sound financial system, which would continue to support Macao's creditworthiness and economic resilience, according to the Monetary Authority.