Moody's affirms Estonia

Moody's Investors Service has today affirmed Estonia's A1 government bond rating and stable outlook.

Moody's said the affirmation was based on: (a) The government's high financial strength and demonstrated ability to implement conservative budgetary policies under challenging macroeconomic conditions; (b) the government's strong balance sheet, as indicated by its very low levels of indebtedness, and sizeable fiscal reserves, which cushion the impact of external shocks on government finances; and (c) despite the intensification of the euro area crisis which will result in a slowdown of growth, Estonia's susceptibility to external shocks is considered to be low. This is supported by negligible macroeconomic imbalances and a relatively healthy banking system.

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