The Ministry of Finance issued a press release on Sunday to make the announcement.

The rating thereby confirms the status that other rating agencies, including Moody's, S&P Global Ratings, as well as DBRS Morningstar, already awarded to the Grand Duchy.

Fitch concludes that the country's financial stability can be explained by its well-balanced budget. Furthermore, Luxembourg was able to quickly recover financially from the pandemic, with GDP returning to former rates during the fourth trimester of 2020.

The agency estimates that GDP will grow by 4.6% this years, followed by 3% in 2022, and 2.3% in 2023.