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 2020. 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 liquidity, supplemented by stable 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 for the first time in autumn 2006, and likewise assigned us their best possible rating (Aaa).
On 26 March 2021 Moody's confirmed the Aaa long-term deposit and issuer ratings of Zürcher Kantonalbank (ZKB). The outlook remains at stable. The affirmation reflects among others the resilience of the banks' strong liquid resources , the strong capitalization and moderate asset risks as well as the guarantee provided by the Canton of Zurich.

Support factors are as follows:

ZKB is 100% owned by the Canton of Zurich and not only benefits from a deficiency guarantee on its senior obligations, but also from a maintenance guarantee by the Canton of Zurich, according to article 109 of the cantonal constitution. The maintenance guarantee requires the canton to inject capital into ZKB, in case of need. Moody’s incorporates now such support within ZKB’s affiliate support assumption. This results in an upgrade of the Adjusted BCA to aa1 from a1.

Furthermore, Moody's considers the result of Advanced LGF analysis, which takes into consideration the risks faced by the different debt and deposit classes across the liability structure at failure. The outcome is reflected in the Loss Given Failure Support and results in a rating uplift to the Aaa level.

Credit Opinion Moody's (PDF, 1 MB)

Issuer Profile Moody's (PDF, 653 KB)

Media Release Moody's (PDF, 105 KB)

Rating by Fitch

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

Fitch's last rating report in April 2021 once again gave the bank the best rating (AAA) with a stable outlook.

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

Fitch is also convinced that ZKB can withstand the economic effects in connection with the pandemic well according to current assumptions.

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

Fitch Report (PDF, 401 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.