Fitch affirms Malta

Fitch Ratings said it affirmed the Republic of Malta's long-term foreign-currency and local-currency issuer default ratings at A+, short-term issuer default rating at F1 and country ceiling at AAA.

The outlook is stable.

The ratings reflect the country's smooth passage through the recession, with limited fiscal damage, demonstrable financial sector resilience and signs of a strong economic recovery in the first half of 2010, Fitch said.

The domestic banking system required no financial assistance from the government, the agency said.

This is a consequence of the conservative approach to banking and its supervision adopted by the two main political parties, the governing National Party and the Labour Party, Fitch said.

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