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Ratings Affirmed; Strong Fundamentals: Switzerland’s ‘AAA’ ratings reflect a high value-added economy, with income and governance indicators above the median, a very strong net external creditor position and the reserve-currency status of the Swiss franc. Economic and fiscal policymaking is prudent, while government debt levels are low. ���������ֳ� believes that integration of UBS and Credit Suisse (CS) is proceeding without posing material risks to the broader financial sector or the sovereign balance sheet. Low Debt Levels: General government debt was lowest in the ‘AAA’ rated category of sovereigns, at 26.9% of GDP as of end-2023. ���������ֳ� expects public debt levels to decline in the medium term, given nominal economic growth, and stable primary surpluses. All of Swiss public debt is local-currency-denominated, with average time to maturity of 10.5 years.