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Lucky Norway. It has a small population and abundant reserves of crude oil lying under the North Sea. The country's unemployment rate is among the lowest in Europe. Norway offers its citizens a generous set of social benefits. Its sovereign wealth fund has nearly $800 billion in assets and is the world's largest. Because of its oil reserves, Norway's government was able to spend around 43% of GDP in 2012, yet still have a total debt obligation equal to just 34% GDP. Only Luxembourg and Australia have less government debt as a percentage of GDP among the AAA-rated countries. No wonder that S&P and Moody's see Norway as a AAA credit and stable.
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