Luxembourg’s AAA rating has been confirmed again. On 23 October 2026, Morningstar DBRS and Fitch Ratings reaffirmed the country’s top credit rating with a stable outlook, joining S&P Global Ratings, Moody’s and Scope Ratings.  

The agencies point to the strength of Luxembourg’s economy and public finances, as well as its stable institutions and political environment. While growing social spending, higher interest costs and public investment are putting pressure on the budget, Luxembourg’s fiscal position remains more favourable than that of most euro-area countries. Economic growth is expected to remain steady, although geopolitical tensions and global financial volatility continue to pose risks. 

The assessments are the first issued since the presentation of the 2027 Budget. 

To read the full press release: Morningstar DBRS et Fitch Ratings confirment la notation "AAA" du Luxembourg avec perspective stable - Le gouvernement luxembourgeois