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Fitch affirms Luxembourg at 'AAA'
Fitch affirms Luxembourg at 'AAA'
On July 18th, 2014, Fitch Ratings has affirmed Luxembourg's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA'. The Outlooks on the IDR’s are Stable.
“Luxembourg’s ‘AAA’ rating is underpinned by its developed open economy, high income, robust
economic growth, low public debt and net external creditor status, “ says Gergely Kiss, Director in
Fitch's Sovereign group. “The financial sector, which is exceptionally large as Luxembourg is the
centre of the EU investment funds industry, has largely recovered from the crisis, underpinning the
resilience of Luxembourg’s economic model” adds Kiss
The statement of Fitch indicates that “Luxembourg is a small, very high-income, ultra-open economy with strong macroeconomic dynamics compared to other Eurozone countries. Despite a sharp 5.6% GDP contraction in 2009 and a mild 0.2% contraction in 2012, the economy has had one of the strongest recoveries in the euro area. GDP growth in 2013 was 2.1%, recently surpassing its 2007 pre-crisis level, and is forecast to accelerate to 2.3% in 2014”.
The full text of the Fitch Rating can be read here : “ Fitch Affirms Luxembourg at ‘AAA’ ”