The rating agencys yesterdays decision is supported by Estonias strong fiscal policy, which has so far rendered surpluses, as well as the openness, competitiveness and flexibility of the country's economy. However, Standard & Poors stress that in order to maintain international credibility, fiscal balance is of critical importance, since it helps ensure a smooth adjustment in 2008 and 2009 and lead Estonias economy then back on the growth track.
The last time Standard & Poors assessed ratings for Estonia was in January 2008, when the agency affirmed the countrys long-term sovereign rating at level A negative. In March 2008, Fitch Ratings affirmed Estonias sovereign rating at the level A negative. The rating agency Moodys affirmed Estonias rating at level A1 in September 2007, changing the outlook to stable from positive.
The Estonian translation of the Standard & poors press release is published on the web site of Eesti Pank at http://www.eestipank.info/pub/et/press/Press/pressiteated/pt2008/pt0723_SPtolge