Standard & Poor's affirms credit ratings on the Federal Republic of Germany

20 January 2004
Standard & Poor's Ratings Services has affirmed its 'AAA/A-1+' sovereign credit ratings on the Federal Republic of Germany, saying it reflects its expectation that the German government will continue the economic reform process embarked on during 2003 in order to address structural rigidities and fiscal imbalances.

Mr Kai Stukenbrock said for the company: 'The stable outlook reflects Standard & Poor's expectation that the 2003 reforms were only a first step in an ongoing reform process. Further reform of health, pensions, and the labour market is required to increase Germany's growth potential and structurally improve its public finances.'