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The international ratings agency Moody's on Thursday issued a credit update of Germany, maintaining its top "Aaa" rating on German sovereign debt, albeit with a negative outlook, a day after rumours over a possible German downgrade had rocked European stock markets.
Germany's rating "is underpinned by the country's advanced, diversified and highly competitive economy and its track record of stability-oriented macroeconomic policies. Moreover, Germany enjoys high levels of investor confidence, which is reflected in very low debt funding costs," a Moody's statement said.
The agency emphasised that its annual credit report on Germany "is an annual update to the markets and does not constitute a rating action."