S&P affirms Estonia

Standard & Poor's said it affirmed its A long-term and A-1 short-term ratings on the Republic of Estonia on the back of a budgetary surplus and moderating external imbalances, which, however, are still at high levels.

At the same time, S&P said it affirmed its AA transfer and convertibility assessment.

The outlook is negative.

The agency said that the decision to affirm the ratings reflects the recent deceleration of credit growth in Estonia and the stabilization of the current account deficit, estimated at 16% of GDP in 2007.

According to S&P, the ratings on Estonia are supported by the strong run of budgetary surpluses over six consecutive years and a competitive and open economy.

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