[ZURICH] Ratings agency Standard & Poors said on Friday the Swiss National Bank's shock decision to scrap its three-year-old cap on the franc had no immediate impact on Switzerland's credit rating.

Standard & Poors said the strong appreciation of the Swiss franc against the euro could dampen Swiss exports over the next two to three years, but expected the country's economy to whether any setbacks. "Still, we think Switzerland's strong economy and solid public finances will resist this exchange rate shock," the ratings agency, which currently rates Switzerland as AAA, said in a statement.

The Swiss National Bank shocked financial markets on Thursday by scrapping a three-year-old cap on the franc, sending the currency soaring against the euro and stocks plunging on fears for the export-reliant Swiss economy.

REUTERS