S&P affirms Estonia

Standard & Poor's said it affirmed the A long-term and A-1 short-term sovereign ratings on the Republic of Estonia on the back of moderating but still high external imbalances.

The outlook is negative.

According to S&P, the affirmation reflects the moderation of Estonian demand, which is proceeding as expected.

Ratings are supported by the country's substantial fiscal buffers, which come on the back of budgetary surpluses and the government's substantial net asset position, the agency said.

Ratings remain constrained by high current account deficit and private sector debt, rising inflation and weak external liquidity, S&P noted.

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