Finland Times

The rating agency also lowered Finland' economic growth in the period from 2014 to 2016 to 1 percent from the previous projection of 1.4 percent, said Finnish financial newspaper Taloussanomat.

The sluggish growth of the Finnish economy could hamper the government's efforts to balance the public finance, and also result in difficulties for the country to carry out political decisions, said the S&P.

The rating agency noted that the export-oriented Finnish economy is vulnerable to the euro zone and other trading partners, such as Russia's weakening economic development.

Last month, Fitch retained Finland's long-term AAA rating and considered its credit rating outlook as stable.

The Finnish government announced a series of fiscal adjustment measures with a spending cut package totaling 2.3 billion euros last month, struggling to tackle the long-term fiscal sustainability challenges.