Luxembourg has retained its AAA credit rating from Morningstar DBRS and Fitch Ratings, with both agencies assigning a stable outlook, RTL Today reported on October 24. The decisions were announced on October 23. The agencies highlighted the country’s economic fundamentals, public finances and effective institutions. Political stability and the resilience of its internationally connected economy were also identified as strengths in a challenging global environment. The assessments follow recent confirmations of Luxembourg’s top ratings by S&P Global Ratings, Moody’s and Scope Ratings, according to RTL. The latest decisions were the first from Morningstar DBRS and Fitch since the presentation of the country’s 2027 budget. Alongside their positive assessments, both agencies identified growing pressure on public finances. RTL’s account cited rising social expenditure, gradually increasing interest payment obligations and substantial public investment, particularly in infrastructure, housing, defence and the energy transition. Despite those demands, the agencies considered Luxembourg’s budgetary position more favourable than that of most other eurozone countries. They forecast steady growth over the coming years, with the financial sector’s adaptability and continued strength supporting that outlook. External risks remain part of the assessment. Geopolitical tensions and volatility in international markets could affect Luxembourg’s prospects, the agencies cautioned. RTL reported that the government viewed the two confirmations as an endorsement of its fiscal policy and international confidence in the country’s financial direction. The assessments nevertheless paired that confidence with attention to spending pressures and Luxembourg’s exposure to developments abroad.