S&P affirms Germany's top credit rating

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Posted: Aug 01, 2012 10:37 PM
S&P affirms Germany's top credit rating

NEW YORK (AP) — Standard & Poor's has affirmed its top credit rating and outlook on Germany. It says Europe's biggest economy is strong enough to withstand any shocks that might come from the region's debt crisis.

The rating agency says it is keeping Germany's rating at "AAA" with a "stable" outlook.

Last week, rival agency Moody's lowered its outlook on Germany to "negative." Moody's cited its concern over Germany's exposure to risks posed by Europe's ongoing crisis.

But S&P indicates it doesn't share those concerns. It says Germany's economy is diversified and competitive enough to absorb large economic and financial shocks.