The Ministry of Finance issued a statement on Saturday, confirming Luxembourg's renewed 'AAA' credit rating.

The highest possible rating reflects stable public finances, as well as high revenue for inhabitants. The Ministry of Finance said the renewed rating represented a sign of good governing in the Duchy.

Fitch Ratings said in their report that Luxembourg's measures such as the energy cap and solidarity package would help to mitigate high inflation rates. The agency added that Luxembourg had a positive outlook for the future and predicted the country would be able to gradually return to a balanced situation by 2024, through the implementation of a prudent budgetary policy.

The report also said "Luxembourg was one of only two EU countries to achieve a budget surplus at the general government level in 2021, following a deficit of 3.4% of GDP in 2020."

Minister of Finance Yuriko Backes said: "In the current uncertain context, the renewal of our AAA rating is excellent news. This best possible rating is a guarantee of confidence and stability, and it illustrates the resilience and performance of our economy, even in times of crisis. Faced with the multiple challenges we are currently facing, a prudent and far-sighted fiscal policy remains the best way forward and will be a determining factor in maintaining our country's prosperity in the medium and long term."