MACAO, Dec. 19 (Xinhua) -- Fitch Ratings affirms Macao's long-term foreign and local currency issuer default ratings at "AA" with a stable outlook, the special administrative region (SAR)'s monetary watchdog said here on Wednesday.

Monetary Authority of Macao said according to Fitch's rating definitions, ratings in the "AA" category indicate a very strong fiscal position for payment of financial commitments and the capacity is not significantly vulnerable to foreseeable events. Therefore, the expectations of default risk are very low.

The international rating agency pointed out that the high ratings are underpinned by Macao SAR's robust external position. It estimated that the SAR's net foreign assets as a share of gross domestic product have risen to the fifth-highest among the economies rated.

Meanwhile, the strong public finances and the SAR government's adherence to fiscal prudence are supportive to Macao's high creditworthiness.