SNB’s AA Bond Holdings Rise as France’s Downgrade Shows
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The Swiss National Bank’s holdings in AA-grade bonds increased in the fourth quarter, which may reflect downgrades to once top-rated nations such as France.
The share of AAA-rated debt fell to 78 percent of the SNB’s bond holdings in the fourth quarter from 86 percent three months earlier, while AA-grade assets surged to 17 percent from 10 percent, the Zurich-based central bank said today. Government bonds in their own currencies accounted for 82 percent of total SNB assets at the end of December.