S&P lifts Estonia view to positive

Standard & Poor's said it revised its outlook on the Republic of Estonia to positive from stable due to a better-than-expected macroeconomic performance and the prospect of entry into EMU, expected by 2008.

At the same time, S&P said it affirmed its A long-term and A-1 short-term sovereign credit ratings on the Republic.

The agency said Estonia benefits from a strong track record in fiscal control, a competitive economy and the prospect of adopting the euro.

These strengths offset the risks posed by significant, albeit slowly declining, external imbalances and the vulnerabilities posed by a small, open economy, S&P noted.

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