It’s not all downgrades out there. Six German laender have had their ratings affirmed at AAA by Fitch.

Fitch Ratings has affirmed the six German federated states (Laender) of Berlin, Lower Saxony, North Rhine Westphalia, Rhineland-Palatinate, Saxony-Anhalt and Schleswig-Holstein Long-term foreign and local currency issuer ratings at ‘AAA’ with Stable Outlook.