The unsolicited ratings on the Federal Republic of Germany reflect Standard & Poor's Ratings Services' view of Germany's modern, highly diversified, and competitive economy and the government's track record of prudent fiscal policies and expenditure discipline. Furthermore, we believe the German economy has demonstrated its ability to absorb large economic and financial shocks, including the reunification of West Germany with East Germany in the 1990s and the global recession in 2009. The German economy made a relatively solid recovery in 2010, supported mainly by a strong rebound of net exports and gross fixed investment. 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. These factors...
Companies mentioned in this report are: Germany (Federal Republic of) (Unsolicited Ratings)
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