International credit-debt watcher Moody’s Investors Service has retained its credit rating for Macau as the former Portuguese enclave continues to post strong recovery growth.

Moody’s affirmed its “Aa3” rating for Macau while upgrading its outlook from “negative” to “stable.” According to Moody’s rating definitions, ratings in the “Aa” are high investment grade and are subject to very low credit risk.

The credit outlook upgrade, according to Moody’s, was bolstered by the solid gross gaming revenue (GGR) posted by Asia’s premier gaming hub in the past months.

Moody also noted that Macau’s preservation of fiscal and external buffers, ongoing progress on diversification, and signs of policy effectiveness that support institutional strength are all credit positive.