The outlook remains stable. The rating reflects the diversified economy with high added value, strong institutions and solid public finances. The rating is also based on Germany’s position as the leading state issuer in the euro zone supported, which guarantees a very high financing flexibility. The persistently high current account surplus speaks for the competitiveness of the German export sector.
Meanwhile, Germany is among the major eurozone economies hardest hit by the energy shock and supply chain bottlenecks. The shock has moderated slightly, mainly due to falling energy prices and high gas storage inventories across the continent combined with a warm winter. As a result, the decline in production was less than expected.
FRANKFURT (Dow Jones)
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