Estonia upgraded on euro accession; Ireland knocked down on banks’ weakness
Fitch lifts Estonian credit rating two notches, citing benefits of eurozone membership and strong fiscal performance; Moody’s downgrades Ireland on poor growth projections, worries over bad bank
Estonia on Monday reaped the benefits of eurozone accession as Fitch, a ratings agency, hiked its long-term credit rating by two notches, from BBB+ to A.
"Joining the euro area improves Estonia's risk profile as it reduces risks associated with the country's sizeable external debt and foreign currency lending in the domestic banking system, and gives it access to European Central Bank liquidity facilities," said Douglas Renwick, the associate director of the agency's sovereigns group. Fitch
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