Moody's cuts Estonia view to negative

Moody's Investors Service said it confirmed the foreign- and local-currency ratings of the government of Estonia at A1, along with the long-term foreign-currency bank deposit ceiling was at A1. This concludes a review that began in February.

The outlook was changed to negative from stable.

Moody's said the government's creditworthiness is likely to remain resilient in the face of a deep and potentially prolonged recession.

The government is working to keep the budget deficit under control, liquidity is secure and the government is isolated from problems in the banking sector, the agency said.

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