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Dagong maintains sovereign credit rating of Sweden

(Xinhua)

08:23, January 13, 2012

BEIJING, Jan. 12 (Xinhua) -- Dagong Global Credit Rating Co., Ltd., a leading Chinese rating agency, on Wednesday decided to maintain the local and foreign currency sovereign credit ratings of Sweden as "AAA" and "AA+" respectively with a stable outlook.

Given that both the economic and fiscal strengths of Sweden are strong, the exacerbating and persistent European debt crisis will not fundamentally weaken the government's solvency, the rating agency said.

But due to its sizeable external debts and relatively weak strength of net external assets, the foreign currency sovereign credit rating is slightly lower than the local currency sovereign credit rating, said the ratings agency.

Dagong said the over-dependence of the Swedish economy on the EU and the poor economic outlook of its main trading partners will exert a substantial negative effect on Swedish exports and investment in the country.

It estimated that the economic growth rates in 2012 and 2013 in the country will decline to 1.1 percent and 2.4 percent respectively.

Spurred by consumption and investment, the Swedish economy expanded 5.6 percent in 2010. The economy is likely to grow 4.5 percent this year, according to Dagong.

The ratings agency also predicted the debt burden ratios of the government at all levels will witness a steady decline, which will gradually decrease to 36 percent, 32.6 percent and 29.2 percent in 2011, 2012 and 2013 respectively.

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