Fitch may up Estonia

Fitch Ratings said it placed the Republic of Estonia's long-term foreign- and local-currency issuer default ratings of BBB+ and A-, respectively, on rating watch positive. The short-term foreign-currency issuer default rating is F2 and the country ceiling is A+.

The positive watch is based on the high likelihood of Estonia adopting the euro in January 2011, Fitch said.

Formal approval of Estonia's bid to adopt the euro this summer would lead to a rating upgrade, the agency added.

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