On Friday 23 October 2026, Luxembourg's Ministry of Finance reported that both Morningstar DBRS and Fitch Ratings had confirmed Luxembourg's "AAA" rating with a stable outlook.
These assessments complement those previously published by S&P Global Ratings, Moody's and Scope Ratings.
According to the ministry, Morningstar DBRS and Fitch Ratings highlighted the strength of Luxembourg's economic fundamentals and public finances. The agencies also praised the effectiveness of the country's institutions, political stability and its advanced and prosperous economy. In a challenging environment, the agencies also highlighted gradually increasing budgetary pressures resulting from rising social benefits, growing interest costs and sustained levels of public investment in infrastructure, housing, defence and the energy transition.
Overall, the agencies considered Luxembourg's fiscal position to remain more favourable than that of most euro area countries.
According to the agencies, Luxembourg's economy is expected to continue growing at a steady pace over the coming years, supported in particular by the financial sector, which remains resilient. However, they noted that the outlook remains exposed to certain external risks, notably developments in geopolitical tensions and global financial volatility.
These assessments are the first ratings issued since the presentation of the 2027 Budget. According to the ministry, this double confirmation of the AAA rating demonstrates the appropriateness of the government's fiscal policy direction.
