On Thursday, February 10, Standard & Poor's Ratings Services revised the outlook of Estonia's sovereign rating to Stable from Negative and affirmed the country's rating at A-.

"The decision of Standard & Poor's proves once again that the impact of the global crisis is passing in Estonia and foreign observers also see our economy as regaining balance. The development of our ratings is now more dependent on the so-called normal factors, such as our ability to increase productivity and to continue pursuing conservative fiscal policy," said Märten Ross, Deputy Governor of Eesti Pank.

"The rating agency is of the opinion that euro-area membership would reduce Estonia's vulnerabilities, assuming that the financial behaviour of the public and private sector would not loosen," the Deputy Governor added.

Standard & Poor's noted in their decision that Estonia's labour and goods market have reacted swiftly to the changed economic environment, external imbalances are shrinking and the government has been successful in stabilising public finances.

Last week Fitch Ratings revised Estonia's outlook to Stable from Negative and affirmed the country's rating at 'BBB+'.

The S & P's press release is published on the web page of Eesti Pank.

Further information:
Viljar Rääsk
Public Relations Office
Telephone: +372 668 0745, +372 527 5055
E-mail: [email protected]