S&P reaffirms Norway’s top AAA credit rating

International ratings agency Standard and Poor's reaffirmed on Thursday its top AAA rating on Norway's sovereign debt and said the outlook was stable.

S&P pointed to the Norwegian government's "strong fiscal and external positions, which continue to benefit from significant tax revenues related to the oil and gas sectors."

The agency nonetheless added that a relatively high level of private sector debt represented a ratings weakness.

It also said the government's fiscal flexibility might be constrained "by the burdens of an aging society unless the authorities take further steps to reform the pension, health care and social security systems."

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