Fitch Ratings has affirmed Germany’s long-term foreign and local currency issuer default ratings at the highest ‘AAA’ level with a Stable outlook, the agency said on Wednesday.
“The affirmation reflects Germany’s longstanding credit strengths and robust economic performance over the past two years,” Fitch said in a statement. “Against the background of fragile global recovery and the intensification of the eurozone crisis, Germany has recorded strong GDP growth and a declining trend in unemployment, partly as a result of previous structural reforms.”
Earlier this month Standard Poor’s Ratings also affirmed its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings on Germany with outlook Stable, while Moody’s ratings agency downgraded the outlooks of Germany, the Netherlands and Luxembourg in late July due to a number of key factors, including Greece’s possible exit from the eurozone.
Moody’s said even if Greece remains in the eurozone, there are increasing worries that Italy and Spain will need massive financial support.