Fitch upgrades Estonia

Fitch Ratings said it upgraded the Republic of Estonia's long-term foreign- and local-currency issuer default ratings to A+ from A.

The agency also said it affirmed the short-term foreign-currency issuer default rating at F1 and the country ceiling at AAA.

The outlook is stable.

The upgrade reflects Estonia's solid economic growth performance, exceptionally strong public finances, declining external debt ratios and signs of increasing stabilization in the banking sector, Fitch said.

Public finances are Estonia's key rating strength and euro-area membership increases the significance of fiscal policy in the rating profile, the agency said.

Estonia's public debt is the lowest in the European Union, Fitch said, and is more than offset by liquid assets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.