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ERR - On August 9, Standard & Poor's raised Estonia's credit rating from A to AA-, a perceived nod to its stringent budgetary policies.
In its statement, the agency said that it believes in "Estonia's strong economic flexibility and improving external competitiveness against the challenges inherent in adapting the economy to lessen its reliance on external funds."
Also cited by the fresh rating report were the "clear commitment of Estonia's political parties to support and implement budgetary and structural policies to address the effects of severe economic recession" and low government sector debt.
According to Ülo Kaasik, Deputy Governor of the Bank of Estonia, the agency's decision first and foremost shows a growing trust in the country's economy.
Read more: http://news.err.ee/economy/5947712a-008d-45d8-9869-73d82373ab8e
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