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Fitch Ratings has affirmed Luxembourg's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AAA'. The Outlook is Stable. A full list of rating actions is below.
KEY RATING DRIVERS
Luxembourg's rating reflects its high income per capita, strong governance indicators and sound public finances, which outweigh higher macroeconomic volatility due to its ultra-openness and heavy reliance on the financial services sector. Public finances are a key strength for Luxembourg's rating. Luxembourg has the lowest public debt among 'AAA' sovereigns at 21% of GDP in 2018. The general government has been in surplus since 2011, and reached a record surplus of 2.6% of GDP in 2018, according to preliminary data.
The 2018 general...
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