S&P: Estonia Is on a Roll

ERR - Credit rating agency Standard & Poor's (S&P) raised Estonia's outlook to positive.

The country's entrance into the Eurozone, its strict budget measures and low foreign debt all contributed to Estonia's upgrading by the three major rating agencies last year.

In a resurgence from over 15 percent unemployment during the global recession, S&P said, Estonia's export-driven economic recovery has been impressively flexible and competitive.

"The debt problems of various countries clearly stress the need for reserves," said Bank of Estonia Vice President Märten Ross. "The [Estonian] central bank's opinion is that it is necessary for the country to continue its current budget strategy, by which a budget surplus would be achieved by 2013."

The country's long-term S&P rating is A.

Read more: http://news.err.ee/economy/216c6c23-5293-4c86-887a-a879f3b1a781

Source: ERR