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 November 2022. 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:

  • strong business position based on the diversified business activities combined with an adequate risk profile
  • 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 4 April 2022 Moody's assigned a Aa2 – Rating on the Tier 2 subordinated debt.

On 29 July 2022, Moody's upgraded the ratings of two Additional Tier 1 (AT1) instruments to A1(hyb) from Baa1(hyb).

On 16 January 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 Upgrade AT1 instruments (PDF, 117 KB)

Moody's Press Release Rating Tier 2 subordinated debt (PDF, 116 KB)

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 in August 2023 once again gave the bank the best rating (AAA) with a stable outlook.

Based on a review by Fitch the AAA rating was reconfirmed in July 2023.

The stable and resilient business model, improving profitability, good asset quality, conservative appetite for risk, good refinancing situation and strong capitalisation are important influencing factors here.

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

Fitch Report August 2023 (PDF, 285 KB)

Media Release July 2023 (PDF, 115 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.