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Fitch Sees German Debt Brake Indirectly Bolstering AAA Rating

RATINGS
  • The recent ruling by Germany’s Federal Constitutional Court [...] has helped underpin the authorities’ commitment to fiscal prudence, however, it has complicated near-term fiscal policy making.
  • Fitch believes the FCC ruling strengthens Germany’s fiscal framework and improves the transparency of the federal budgeting process. The ruling therefore bolsters the role of Germany’s fiscal framework and its strong institutions in maintaining a record of sound public finances – a key strength backing the sovereign’s ‘AAA’ rating.
  • But the reactivation of the debt brake rule next year combined with the FCC ruling implies that fiscal cuts will be needed. The Ministry of Finance has already announced the end of energy price caps, which had originally been extended until end-March 2024, but it is unclear what other changes will be made to the 2024 budget.
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