Fitch: Number of countries with 'AAA' credit rating at 14-year-low

Baku. 9 February. REPORT.AZ/ Number of Fitch-rated sovereigns with ‘AAA’ ratings dropped to 14-year-low.

Report informs referring to Bloomberg, number of countries with ‘AAA’ rating in 2004-2009 years was 16, whereas now this figure is 11. Fitch doesn’t expect rise in number of top ranked economies in coming years.

Fitch’s current portfolio is the smallest ever share for the rating category, and consistent with 'AAA' sovereigns now accounting for 40% of global government debt at end-2016, down from 48% a decade ago.

Stable Outlook for Fitch ‘AAA’ sovereigns features the ratings to remain unchanged in coming 12-24 months.

Japan was the first sovereign to lose its 'AAA' rating in 1998, followed by another six in the aftermath of the global financial crisis over the seven years since 2009. These are: Austria, Finland, France, Ireland, Spain and the UK. Australia is the only sovereign to have been upgraded to 'AAA' in the last decade.

Fitch's current 'AAA' sovereigns are: Australia, Canada, Denmark, Germany, Luxembourg, Netherlands, Norway, Singapore, Sweden, Switzerland and the United States.