Luxembourg's Ministry of the Economy has announced that, as of Friday 16 September 2016, Standard & Poor's (S&P) credit rating agency has affirmed the "AAA" rating of the Grand Duchy of Luxembourg with a "stable" outlook; Luxembourg continues to benefit from the best credit rating from the three major agencies S&P, Moody's and Fitch.
S&P expects that growth will remain above average for the euro area over the coming years. The analysis reports including good governance of the Luxembourg economy, and strength and continued diversification of the financial sector. S&P mentions that potential risks include the evolution of taxation at international level, while stressing the Luxembourg government's ability to respond proactively to these changes. The analysis also discusses the long-term financing of the pension system.
Luxembourg's Finance Minister, Pierre Gramegna, commented "For the first time, this study takes into account the tax reform planned for 2017. A few weeks before the budget, confirmation of our AAA emphasises the merits of choice of the government. The risks highlighted by the analysis underscore the importance of continuing a proactive and prudent policy. The AAA rating is a cornerstone of the country's attractiveness and thus a guarantee of growth and job creation."
