In its report, Standard & Poor’s commends the positive development of Liechtenstein’s national accounts in recent years as well as the financial situation of the national budget, according to a government statement. Overall, the agency expects further positive developments. It also highlights the importance of Liechtenstein’s active and forward-looking financial policy, and the country is said to be well prepared for upcoming challenges.
Prime Minister Adrian Hasler regards the good rating as a “confirmation of the consistent implementation of the state budget reorganization including the necessary reforms,” he told the Volksblatt.
Liechtenstein attaches great importance to the AAA rating, and only eleven countries still have the top rating, said Hasler. The rating is not only an indication of political and economic stability, but also a reference value for assessing the international creditworthiness of Liechtenstein businesses and banks.
Simon Tribelhorn, director of the Liechtenstein Bankers Association, is also pleased with the renewed confirmation of the good rating.
“There is a great deal of uncertainty especially regarding the European financial markets, and this rating has a strong effect on Liechtenstein and the financial centre,” he told the Volksblatt.
Standard & Poor’s also emphasizes Liechtenstein’s diversified economy with its particularly strong industrial sector and world market leaders in their respective niches, which distinguish Liechtenstein from other smaller financial centres. Liechtenstein also enjoys a clear location advantage with its short distances, enabling the country to react quickly and efficiently to political and economic changes in the framework conditions.