Credit rating agency Standard & Poor’s (S&P) has maintained the triple-A status, the highest possible score, in Germany. The outlook for the German economy has stabilized.
Germany is considered one of the most creditworthy countries by S&P. However, the country has to do with economic decline as a result of the corona crisis. However, strong buffers and a comprehensive recovery plan mean that Berlin appears to be able to absorb the crisis.
Germany recorded a 10.1 percent contraction in the second quarter of this year. Although the gross domestic product (GDP) fell less sharply than in France or Spain, the contraction was greater than in the Netherlands.
It is expected that the largest economy in Europe will not return to the level it had before the corona crisis at the beginning of 2022.
S&P also did not change the credit rating of France, another major European economy. The score for the French economy remains AA, with a stable outlook like Germany.
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