Low oil prices and high household debt levels both remain challenges for the Canadian economy, but neither is insurmountable, suggests a new report from credit rating agency Moody’s Investors Service.

The review of Canada’s credit ratings finds that Canada’s large, diversified economy, high levels of wealth, abundant natural resources, and favourable trends in federal government finances, all continue to support a “Aaa” rating for the sovereign, with a stable outlook.

“Canada continues to show positive momentum in domestic demand, despite a mild GDP contraction in the first half of this year,” says Steven Hess, senior vice president at Moody’s, in an announcement. “While the country is exposed to both domestic and external risks, in our view these would have a limited impact on its creditworthiness.”

Those risks include lower energy prices and uncertainty in the housing sector. However, neither factor is likely to represent a major issue for the economy, or the country’s credit rating, Moody’s says.

For example, although low oil prices have led to cuts in capital spending by energy firms and hurt exports, Canada is not as reliant on the energy sector as most other large oil producers, Moody’s says, “either in terms of the overall economy, its share of exports, or its government revenues.” As well, low interest rates, a weaker Canadian dollar, and some pickup in the U.S. economy will likely offset the negative impact of weak energy prices, and support growth over the next couple of years, Moody’s adds.

High household debt levels and rising house prices are among the other most notable risks to Canada’s economy. “A severe housing market crash, although an unlikely scenario, would be a risk for the federal government, which guarantees around two thirds of mortgages,” Moody’s says.

Yet, even if a crash happened, the credit rating agency doesn’t see it fundamentally harming the country’s finances. Instead, “the amount of additional debt that the federal government might incur would not be of a magnitude that would alter the rating,” Moody’s says.