The following numbers come from a recent article in Die Welt on the backlash in Europe against the ratings agencies. Going by the Maastricht criteria of 3% deficits and 60% debt to GDP, the only credits that make this hurdle are: Finland, Luxembourg, Norway, Singapore, Sweden, and Switzerland. During this liquidity (and solvency) crisis, these are the safest havens.
I am not sure why Australia is missing here, but it is the only AAA credit that I know to be missing from the list.
Country | Rating | Government Debt to GDP | Surplus/Deficit (+/-) | GDP growth rate | Current Account |
Austria | AAA | 73.60% | -3.90% | 3.00% | 3.16% |
Canada | AAA | 76.91% | -1.89% | 2.90% | -1.42% |
Denmark | AAA | 42.99% | -4.10% | 1.50% | 4.66% |
Finland | AAA | 49.73% | -0.90% | 3.80% | 5.06% |
France | AAA | 83.58% | -5.70% | 1.90% | -2.12% |
Germany | AAA | 82.97% | -2.50% | 3.20% | 4.95% |
Luxembourg | AAA | 18.22% | -1.10% | 3.30% | 7.10% |
Netherlands | AAA | 64.78% | -3.70% | 1.75% | 7.57% |
Norway | AAA | 43.40% | 9.87% | 3.00% | 14.57% |
Singapore | AAA | 41.19% | 10.16% | 6.04% | 20.40% |
Sweden | AAA | 36.80% | 1.04% | 4.00% | 5.90% |
Switzerland | AAA | 36.90% | 0.30% | 2.66% | 13.19% |
United Kingdom | AAA | 83.42% | -7.84% | 1.36% | -0.75% |
United States | AAA | 93.46% | -9.53% | 2.59% | -3.36% |
Source: Die Welt, Bloomberg, October 2011