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ERR - On July 5, the global credit rating agency Fitch Ratings upgraded Estonia's long-term foreign and local currency Issuer Default Ratings (IDR) from A to A+, and categorized its outlook at "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,” Michele Napolitano, Associate Director in Fitch’s Sovereign Group, said in a company statement.
The agency also affirmed the country's short-term IDR at F1 and the Country Ceiling at AAA.
In its statement, Fitch pointed to fiscal policy as one of Estonia's key strengths, in particular the fact that the country's public debt is the lowest in the EU - 6.6 of GDP in 2010.
Read more: http://news.err.ee/economy/a9bae033-6c90-4bc9-9a24-1358eb9e5c57
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