S&P maintains Germany's top credit rating

Ratings agency Standard & Poor's maintained its top AAA credit rating for Germany Thursday, due to what it called the strong fundamentals and outlook for Europe's top economy. "The unsolicited ratings on Germany reflect our view of its modern, highly diversified and competitive economy, its strong external creditor position, and its record of prudent fiscal policies and expenditure discipline," it said. The agency also stressed in a statement the country's ability to bounce back from major upheaval including national reunification in 1990 and the global recession in 2009. "The German economy has recovered relatively well since 2010, supported mainly by a strong rebound in net exports and gross fixed investments," the agency said. "In our view, the German economy's overall resilience to the global downturn reflects years of corporate restructuring, wage restraint, and a high savings rate." It said it had reason to be confident about the country's prospects. "The outlook on the long-term rating remains stable, reflecting our view that Germany's public finances and strong external balance sheet will continue to withstand potential financial and economic shocks," it said. Last week, fellow ratings agency Moody's threatened to cut Germany's coveted top credit rating due to fears over the potential impact of the eurozone debt crisis on its effective paymaster.