The number of countries with a top-notch sovereign credit rating fell to the lowest level in 13 years last year, the international rating agency Fitch said on Thursday.
“The number of Fitch-rated sovereigns with ‘AAA’ ratings is at its lowest level since 2003 and is expected to remain unchanged over the next two years,” Fitch said in a statement.
“Eleven countries have ‘AAA’ status, compared with an all-time high of 16 during 2004 to 2009, reflecting the longer term impact of the global financial crisis,” the agency said.
The 11 countries with the most stable ratings are: Australia, Canada, Denmark, Germany, Luxembourg, the Netherlands, Norway, Singapore, Sweden, Switzerland and the United States.
Fitch said that all of the 11 countries had a “stable” outlook, “suggesting we do not anticipate downgrades in the coming 12 to 24 months.”
At the same time, no country with an ‘AA+’ rating-the next step down from triple-A-had a “Positive Outlook, suggesting upgrades to ‘AAA’ are unlikely over the same time-frame.”
