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The number of countries with a pristine AAA credit rating is shrinking and fund managers say Canada stands to benefit from being in the ever-more exclusive club.

Both Fitch and Standard & Poor’s downgraded the United Kingdom in the wake of the Brexit vote, bringing the club’s membership to 12. On Monday, S&P warned that its ranks could shrink even further: The rating agency placed Australia on watch following incredibly close election results that threaten political gridlock in that country.

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All the global volatility means that Canadian bonds have been performing strongly in the past couple of weeks, seen as relatively insulated from a more unstable world.

“Throughout the most recent turmoil, the Canadian corporate credit market was operating very well and had a bit of a safe haven status,” said Andrew Torres, founding partner and chief executive of Lawrence Park Asset management. “It was a little detached from the turmoil in Europe and we noticed trading a rough mix of Canadian, U.S. and European corporate paper that Canada has been a lot more stable while we’ve seen this global market volatility.”