Moody's: Economic woes dents Estonia

Moody's Investors Service said that Estonia's A1 government bond ratings with a negative outlook are based on its high economic, institutional and government financial strength, but are constrained by lingering risks associated with the prospects of economic recovery and the possibility of financial contagion.

Estonia's economic strength has been deeply dented by the global economic crisis, with a one-third decrease in both industrial production and retail sales, the agency said, and a significant increase in corporate insolvencies and unemployment.

However, Moody's said it believes that most of the impact will be transitory and can be repaired over the medium term.

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