Fitch Ratings acknowledges Malta's stable economy

Malta’s credit rating

Credit rating agency Fitch Ratings has joined Moody’s in lauding Malta’s economy and financial management.  Only last month it gave Malta‘s long-term foreign currency and local currency ratings a rating of A+, describing the local economic outlook as stable.  Malta once again has faired better than its European counterparts, such as Italy and Spain, which in the same month were classified by Fitch Ratings as having a negative outlook with possible downgrades in future. 

Key economic trends

Fitch Ratings considered the following points in arriving at the A+ rating:

• The economy of Malta rebounded quickly following the global financial crisis and demonstrates signs of continued growth;
• The economy bore the brunt of the global financial crisis unscathed and shows signs that it can fair well with the present international financial turmoil;
• The deficit levels in Malta are falling;
• Malta should register an growth in GDP of 2% for 2012, which should rise to 3% thereafter;
• The local banks suffered only small loses in the global financial crisis without the need for direct financial assistance from the government.