S&P Confirms “AAA/A-1+” Rating for Switzerland – Outlook Stable
Published: Friday, Aug 11th 2023, 22:00
Updated At: Friday, Oct 13th 2023, 14:12
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Standard & Poor's (S&P) has confirmed the long- and short-term credit rating for Switzerland as "AAA/A-1+" with a stable outlook. Despite a still fragile macroeconomic environment, the Swiss economy is expected to remain resilient and grow slightly. S&P believes that the Swiss government will maintain a strong fiscal and external balance. The Swiss economy has been able to withstand the indirect effects of the Ukraine war. S&P expects the competitive, open economy to survive a period of weak demand from its major trading partners. It does not expect the merger of the two major banks UBS and Credit Suisse to significantly affect the country's fiscal and economic profile. The agency expects the Swiss economy to grow by 0.8% this year, with domestic demand remaining the main driver of growth, as exports suffer from weaker demand from major trading partners, particularly in the Eurozone. The rating could be lowered if the predictability and effectiveness of policy were to deteriorate, or if external shocks were to significantly worsen exports and the balance of payments position. The emergence of contingent liabilities from the financial sector could also have a negative impact on the ratings. However, S&P considers such scenarios unlikely.nnnnnnnn
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