We are one of the few banks in the world to have a top rating (AAA/Aaa) from Standard & Poor's, Moody's and Fitch.

The key points at a glace:

  • Standard and Poor's (S&P) rating for Zürcher Kantonalbank is AAA.
  • Moody's rating for Zürcher Kantonalbank is Aaa.
  • Fitch's rating for Zürcher Kantonalbank is AAA.

Rating by Standard & Poor's (S&P)

Since 1994, Standard & Poor's has been awarding the Zürcher Kantonalbank as the only bank in Switzerland and one of the few banks worldwide with an AAA rating. This top credit rating is testimony to our excellent credit standing. This rating was reconfirmed in December 2023. It takes into account, among other considerations, the state guarantee from the canton of Zurich. But even without this factor, the "stand-alone rating" (aa-) makes the Zürcher Kantonalbank one of the safest universal banks in the world.

In addition, the following main factors contribute to the positive credit assessment:

  • solid operational stability owing to a diverse business profile and strong franchise;
  • sound financial profile characterized by very strong capitalization and resilient earnings;
  • the state guarantee from the canton of Zurich, which is also assigned a AAA rating.

Standard & Poor's report (PDF, 1 MB)

Rating by Moody's

Moody's carried out an assessment of Zürcher Kantonalbank (ZKB) for the first time in autumn 2006, and likewise assigned us their best possible rating (Aaa).

On 27 November 2023 Moody's confirmed the Aaa long-term deposit and issuer ratings of ZKB.

The affirmation of the Aaa backed long-term issuer ratings reflects ZKB's a1 BCA, three notches of rating uplift from affiliate support derived from the maintenance guarantee provided by the bank's sole owner, the Canton of Zurich, and the application of the Advanced Loss Given Failure (LGF) analysis to its liabilities, which indicates an extremely low loss given failure and results in one notch (rather than three notches) of rating uplift because of the Aaa rating ceiling.

ZKB's a1 BCA reflects the bank's favourable liquidity position, comprising a high proportion of cash, its strong capitalization and only moderate asset risk, despite being concentrated in the dynamic Zurich real estate market. The BCA further takes account of the bank's meaningful exposure to confidence-sensitive market funding mitigated by low funding costs and continued market access even in a more stressed environment because of the canton's deficiency guarantee.

Credit Opinion Moody's (PDF, 1 MB)

Issuer Profile Moody's
(PDF, 1 MB)

Moody's Press Release Bail-in bonds (PDF, 74 KB)

Rating by Fitch

Fitch published the rating for Zürcher Kantonalbank for the first time in January 2009.

Fitch's last rating report dated 16 July 2024 once again gave the bank the best rating (AAA) with a stable outlook.

The bank's stable and resilient business model, conservative risk appetite, strong asset quality, funding and capitalisation, and the adequate profitability are important influencing factors.

Moreover, Fitch assumes that prompt support under the state guarantee of the Canton of Zurich could be expected if necessary.

Media Release July 2024 (PDF, 114 KB)

Fitch Report July 2024 (PDF, 257 KB)


The rating only reflects the view of the rating agency concerned at the time of the assessment. Declarations on the significance of a rating can only be obtained from the relevant agency. Credit ratings may be amended, downgraded, temporarily suspended or withdrawn in full at any time by the rating agency if the circumstances so require in the agency's opinion.