Fitch Ratings today held steady Switzerland's top AAA rating, citing its resilient economy and well-managed public finances, and kept the outlook at stable.
"Fitch Ratings has affirmed Switzerland's long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA'," the agency said.
Fitch also held the country's short-term rating at 'F1+'.
The decision reflects the country's "advanced, diversified and wealthy economy," and a record of low and stable inflation, said Fitch. Inflation was at -1% in May.
"The economy has sustained resilient growth despite the global financial crisis, rebounding quickly from a contraction in 2009," Fitch said, while citing also well managed public finances and strong institutions.
Swiss government debt dropped last year to 36.5% of GDP compared to 54.9% in 2003, increasing the room for fiscal manoeuvre in the event of a severe economic downturn, the agency said.
But it warned that "significant reforms" needed to be made to curb the effects of an ageing population on Switzerland's public finances.
