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Sat, 29 Mar, 2014 12:00:13 AM FTimes- Xinhua Report, March 29  File Photo AFP-Lehtikuva Fitch Ratings affirmed AAA credit rating for Finland long-term debt on Friday, days after the Finnish government announced to cut expenditure by 2.3 billion euros in coming years.
Fitch Ratings affirmed Finland's long-term foreign and local currency Issuer Default Ratings (IDR) at "AAA", and considered the country's credit rating outlook to be stable, said Treasury Finland in a press release.
The rating agency said that Finland's Triple-A rating is based on its "very high governance indicators, strong political and social institutions and an excellent track record of prudent fiscal and macroeconomic policy management
As the agency does not currently anticipate developments with a high likelihood of leading to a rating change, it also sees Finland's credit rating outlook to be stable.
Fitch forecast that Finland's economy will grow by 0.6 percent in 2014, after a shrinkage of 1.4 percent last year, as prospects in Finland's key export markets improve further.
In addition, the agency assumed that economic sanctions against Russia do not substantially affect the Finnish economy.
The Finnish government announced a series of fiscal adjustment measures with a spending cut package totaling 2.3 billion euros earlier this week, struggling to tackle the long-term fiscal sustainability challenge.
Fitch Ratings was founded by John Knowles Fitch in 1913 in the United States. It is one of the three internationally recognized rating agencies, together with Moody's and Standard & Poor's. Currently, Fitch has more than 1000 analysts and over 40 branches worldwide.
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| Thursday, 25 April, 2024 |
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