Reitinguagentuur Standard & Poor's otsustas tõsta Eesti riigireitingu väljavaate positiivseks. Pikaajaliste välisvaluutakohustuste reiting kinnitati tasemel A ning lühiajaliste välisvaluutakohustuste reiting tasemel A-1. Agentuur tõi reitinguväljavaate tõstmise põhjustena esile oodatust paremad majandustulemused ning kindla väljavaate Euroopa Majandus- ja Rahaliidu (EMU) täisliikmelisuse saavutamiseks (euroalaga liitumiseks).
"Standard & Poor'si otsus kinnitab, et Eesti majandus- ja rahanduspoliitika on jätkuvalt rahvusvaheliselt usaldusväärne ning on oodata reitingu edasist paranemist. Reitingute tõusu kindlustamiseks on vajalik Eesti majanduse konkurentsivõime säilitamine ja euroalaga ühinemisele suunatud tugeva majanduspoliitika jätkumine", kommenteeris Standard & Poor'si sammu Eesti Panga asepresident Märten Ross.
Reitinguagentuur Fitch on andnud Eesti pika- ja lühiajaliste välisvaluutakohustuste reitinguks vastavalt A ja F1 (positiivse väljavaatega) ning Moody's A1 ja P-1 (stabiilse väljavaatega).
Republic of Estonia Outlook Revised To Positive On Enhanced Performance; Ratings Affirmed
Contacts
Eileen Zhang, Office (44) 20-7176-7105
Beatriz Merino, Office (44) 20-7176-7108
LONDON (Standard & Poor's) July 21, 2005 - Standard & Poor's Ratings Services said today 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 the EMU by 2008. At the same time, Standard & Poor's affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on the Republic.
"Estonia benefits from a strong track record in fiscal control, a competitive economy, and the prospect of adopting the euro," said Standard & Poor's credit analyst Eileen Zhang. "These strengths offset the risks posed by the Republic's significant, albeit slowly declining, external imbalances and by its small, open economy."
EMU membership will protect the country against external vulnerability, which is one of the Republic's main weaknesses at present. In addition, it is expected that Estonia's export growth will remain robust. This would support a higher level of economic growth compared with peers and secure further reductions in the current account deficit.
Estonia has established a proven record of tight fiscal control. Thanks to broadly balanced budgets, the Republic's general government debt burden will remain exceptionally low, at less than 5% of GDP through to 2008. Fiscal pressures relating to the country's upcoming election, planned tax cuts, and recent increasing pension payments are expected to be fully absorbed without threatening the long-term health of public finances.
The Estonian economy is forecast to continue expanding by more than 5% per year, with investment accounting for almost one-third of GDP. Real economic convergence with more highly rated sovereigns, however, remains a significant challenge and is a major constraint on the Republic's ratings. Estonia's per capita income of $9,700 in 2005 is rising fast, but remains well below that of other 'A' rated countries.
"The ratings on Estonia could rise further if the Republic continues to lower its inflation rate and maintain strong fiscal performance, thereby facilitating a smooth transition to the euro in the near term," added Ms. Zhang. "Moreover, the creditworthiness of the sovereign would improve in the medium term if it sustains its highly competitive economy and achieves rapid real convergence with peers."
GROUP E-MAIL ADDRESS
SovereignLondon@standardandpoors.com
