Credit ratings agency Moody’s has confirmed Switzerland’s AAA rating, citing the high quality of the country’s economy, institutions and currency.

Switzerland’s creditworthiness contained very little risk, the agency said on Thursday. It added that the assessment reflected the open, highly developed and broad-based economy, which benefited from Swiss tax policies, low inflation and a strong position as a creditor.

Moody’s said the government and legislation were very robust and the system was transparent and stable. It also believed the national debt would remain at a very low level in the coming years.

The agency did, however, see a couple of challenges in the medium and long term, such as the social welfare system, which would come under pressure from an ageing population.

Switzerland’s neighbours haven’t fared so well. Last week, ratings agency Standard and Poor’s cut its ratings of nine eurozone countries, stripping France and Austria of their coveted AAA status, and downgrading Italy to the same BBB+ level as Kazakhstan. Germany on the other hand managed to hang on to its top rating.

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative