Estonia: Fitch affirms A+ credit rating with stable outlook

International credit rating agency Fitch Ratings has affirmed Estonia’s long-term foreign-currency issuer default rating at A+ with a stable outlook, ERR reports. The rating reflects Estonia’s strong governance standards and institutions, low public debt, and net external creditor position, Fitch stated. At the same time, Estonia’s lower income per capita and small economy expose the country to shocks, the agency warned. Estonia is the only rated economy that has seen three consecutive years of negative growth over 2022-2024. Fitch expects Estonia’s economy to begin a gradual recovery in the second half of 2024 and real GDP growth to reach 3.1% in 2025.