Estonia's sovereign ratings and credit research reports

The sovereign rating, or more specifically, the credit rating of a country is an assessment of a country's ability to repay its foreign liabilities by international rating agencies. The sovereign rating largely determines the interest rate on foreign borrowing. Thus, the cost of borrowing money in Estonia depends on the credit rating assigned to the country. The ratings of a country's enterprises are also related to the sovereign rating. The upper ceiling of a company's credit rating is determined by Estonia's country risk rating , which, in the case of the rating agencies FitchRatings and Standard&Poor's, is higher than the sovereign rating.

Rating agencies apply comparable rating symbols. Further information can be obtained from the web sites of the rating agencies FitchRatings, Standard&Poor's and Moody's.

Credit ratings assigned to Estonia's long-term liabilities by rating agencies

Reports on Estonia by rating agencies:
    Standard&Poor's Credit Research Report, February 2008
    Standard&Poor's Research Update, October 27, 2008
    FitchRatings International Credit Analysis, October 2008
    Moody's Investors Service Analysis, September 2008