S&P boosts Estonia

Standard & Poor's said it raised the long-term foreign- and local-currency sovereign credit ratings on the Republic of Estonia to A from A- and the short-term local- and foreign-currency sovereign credit ratings on Estonia to A-1 from A-2. Its transfer and convertibility assessment was revised to AAA from AA-.

The outlook is stable.

The upgrades reflect Estonia's accession to the eurozone, becoming its 17th member in January.

The Eurozone membership will significantly reduce Estonia's exchange-rate risks and give it easier access to European capital markets, S&P said.

In turn, Estonia has demonstrated that it possesses the required economic, fiscal and labor market flexibility to cope with the constraints that a fixed exchange rate or monetary union brings, the agency said.

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