S&P upgrades Estonia

Standard & Poor's said it raised the long-term sovereign credit rating on the Republic of Estonia to AA- from A, along with the A-1 short-term ratings to A-1+.

The outlook is stable.

The transfer and convertibility assessment is AAA, the same as is applied to all European Monetary Union members, given a view of the extremely low likelihood that the European Central Bank would constrain access to foreign exchange needed for debt service, S&P said.

The upgrade reflects Estonia's consensus-driven policy framework, economic flexibility, transparent and productive public sector, sound fiscal management and strong economic growth prospects, the agency said.

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