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Fitch's AAA Math Skewered by Nordea After Finland Gets Top Grade

  • Finance minister Alexander Stubb says reform failures to blame
  • Finland may lose its AAA if reforms don't work, Nordea says
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Scandinavia’s biggest bank is wondering why Fitch still rates Finland AAA.

The rating company affirmed its highest credit grade on Friday, albeit with a negative outlook. It praised Finland’s culture of governance and “sound fiscal policy management” and even predicted economic growth for this year after Eurostat data showed Finland wasn’t in a recession. But the verdict has done little to persuade Nordea that Finland might be on the right path.