The agency Fitch Ratings confirmed the AAA rating of Luxembourg with a stable outlook, leaving the Grand Duchy one of only nine countries worldwide to hold the top rating by the three leading agencies S&P, Moody’s and Fitch.

In its review of Luxembourg, Fitch highlights the open and innovative character of the Luxembourg economy, noting that it has had one of the strongest recoveries in the euro area.

The analysis also underlines the positive effects of the “Zukunftspak” which came into force in 1 January 2015 and the good supervision of the financial sector.

Moreover, Fitch highlighted the weight of the financial sector in the Luxembourg economy, noting its strength and continued growth.

Fitch also stated that the process “BEPS” (erosion of the tax base and profit transfer) will not have significant implications on the presence of companies on Luxembourg soil.

“This new confirmation of our AAA proves that the government’s policy to diversify our economy and our financial center and to consolidate our public finances while maintaining a high level of investment, bears fruit,” commented Pierre Gramegna, Minister of Finance. “We put our public finances back on track and we continue to modernise our country, which allows us to face the challenges of the future with confidence.”

“We put our public finances back on trail and continue to modernise our country, which allows us to tackle the challenges of the future with confidence,” the Minister said in a statement published Saturday.