Luxembourg has received a new AAA outlook rating from the DBRS financial rating agency.

It was the first time the agency carried out an analysis for the Luxembourg economy. In addition to the triple A rating, it said Luxembourg had a “stable outlook”.

The DBRS rating follows identical scores issued by three other major agencies: S&P, Fitch and Moody’s.

The difference is the DBRS’s rating is new and does not base its conclusions on existing ratings.

It underlines that Luxembourg’s public debt is among the lowest in the European Union and concludes that this situation will be further reinforced in the years to come.

The agency took into consideration the implications of the tax reform, estimating that public finances will remain in surplus and that the level of the public debt will remain below 25% of the GDP over the next five years.

DBRS further concluded that even under the assumption of a severe shock, the level of debt would remain largely controllable and well below the criteria of the Stability and Growth Pact.

The agency also underlines the soundness of the institutions, the good governance of the Luxembourg economy, the quality of supervision of the financial sector, and the attractiveness of the country for foreign investors.

As a result, it predict future growth rates at above 3.5% per year, which is above the average of the countries of the European Union and the euro area.

Among the risks, DBRS cites the long-term financing of Luxembourg’s pension system, as well as the possible implications of changes in taxation on an international level.