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Credit rating agencies praise Bavaria’s budget and perspectives

13.03.2014



Finance minister M. Söder happy about the good notes for Bavaria. - picture wikipedia

Bavaria stays number one on fiscal policy in Germany. “The credit rating agencies reward solid Bavarian budgetary policies with top rating”, said finance minister Dr Markus Söder concerning the new ranking by credit rating agency Moody's. The State of Bavaria got top rating with stable outlook from both big credit rating agencies Moody’s and Standard & Poor’s.

Stable good rates confirm Bavaria’s international top financial standing, outlines Söder. This seal of quality for Bavaria is a consequence of the successful course in budgetary policy with its chosen path of continuous debt reduction. The development of the Bavarian budget, which can be seen as an economic barometer, shows the positive global economic development of the State.

Moody’s certifies the State of Bavaria follows a policy of “smart and prudent budget management, little State indebtedness, debt reduction, budget savings over the last few years, and a remarkably strong and diversified economy.” Bavaria is one of the wealthiest regions in Europe and is accountable for 18 % of the German gross domestic product. According to the credit rating agency the “political continuity thanks to a stable government ought to guaranty the maintenance of an intact budgetary policy.”

Source: www.bayern.de