Moody’s upbeat about Macau tourism outlook

Monday, Feb. 10, 2003 | 11:14 a.m.

SUN STAFF AND WIRE REPORTS

MACAU -- Macau's foreign-currency debt rating was raised one level by Moody's Investors Service, which cited the region's strengthening economic and tourism prospects.

The city's rating was raised to A3, three steps above the lowest investment grade. The rating has a positive outlook, which means Moody's is more inclined to raise the rating. The rating is the same as that of Hong Kong.

The former Portuguese colony, returned to China in 1999, ended a gaming monopoly by granting two licenses for casinos, which will probably increase investment in the tourism industry, Moody's said.

Las Vegas casino resort developers Sheldon Adelson and Steve Wynn are building resorts in Macau after winning coveted licenses there.

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