International credit rating agency Standard & Poor’s (S&P) affirmed Germany’s long-term and short-term foreign currency and local currency credit ratings as “AAA/A-1+”, maintaining its credit rating outlook as “stable”.
In a statement made by the credit rating agency, it was reported that Germany’s credit rating was confirmed.
In the statement, it was stated that Germany’s long and short-term foreign currency and local currency credit ratings were confirmed as “AAA/A-1+”.
The country’s credit rating outlook remains “stable”, the statement said, adding that Germany’s external and fiscal buffers, resilient economy and institutional efficiency will allow the country to absorb the indirect effects of the Russia-Ukraine war, including the shock in energy prices. It was stated that it would prevent its reputation from deteriorating in the next two years.
In the statement, it was noted that the German economy is heading towards a recession in the next few months, and that real gross domestic product (GDP) is expected to shrink by 0.3 percent until 2023.
In the statement of S&P, it was stated that Germany’s rich and diversified economy, important net external creditor position and moderate public deficits and debt burden continue to provide a buffer. (AA)
Source From: Sozcu