S&P: Estonia view to stable

Standard & Poor's said it revised its outlook on the Republic of Estonia to stable from negative and affirmed the A- long-term and A-2 short-term foreign- and local-currency sovereign credit ratings.

There are prospects for improved economic growth in Estonia, owing to the shrinkage of external imbalances and the government's success in stabilizing its finances, S&P said.

The chances of Estonia joining the Eurozone in 2011 have increased significantly, which should sharply reduce exchange-rate vulnerabilities and likely bolster foreign direct investment, the agency added.

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