S&P Warns Estonia's Gross External Debt Level Limits Fiscal Flexibility

Estonia’s “substantial” gross external debt level limits the country’s fiscal flexibility “considerably,” Standard & Poor’s credit analyst Frank Gill said in an e-mailed reply to questions today. A formal invitation to the Baltic country in July to join the single currency bloc would itself not trigger a credit rating upgrade, he said, adding S&P decides debt rankings based on a country’s stand-alone creditworthiness.

To contact the reporter on this story: Ott Ummelas in Helsinki at oummelas@bloomberg.net

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