Estonia: Sovereign credit ratings

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Sovereign credit ratings in Estonia: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Scope A+ Stable 4/2024
Moody's A1 Stable 3/2024
Fitch A+ Stable 1/2024
Fitch A+ Stable 7/2023
Scope AA- Negative 5/2023
Fitch AA- Negative 2/2023
Scope AA- Stable 11/2022
Fitch AA- Negative 8/2022
Moody's A1 Stable 4/2022
Fitch AA- Stable 2/2022
Fitch AA- Stable 9/2021
Standard & Poor's AA- Positive 8/2021
Moody's A1 Stable 3/2021
Fitch AA- Stable 3/2021
Fitch AA- Stable 9/2020
Standard & Poor's AA- Stable 8/2020
Fitch AA- Stable 3/2020
Fitch AA- Stable 3/2020
Standard & Poor's AA- Positive 2/2020
Scope AA- Stable 2/2020
Fitch AA- Stable 10/2019
Moody's A1 Stable 5/2019
Fitch AA- Stable 4/2019
Scope A+ Stable 4/2019
Fitch A+ Positive 5/2018
Fitch A+ Positive 11/2017
Scope A+ Stable 10/2017
Moody's A1 Stable 7/2017
Fitch A+ Stable 5/2017
Scope A Under Review 5/2017
Fitch A+ Stable 11/2016
Fitch A+ Stable 7/2016
Fitch A+ Stable 5/2016
Fitch A+ Stable 11/2015
Moody's A1 Stable 7/2015
Fitch A+ Stable 11/2014
Fitch A+ Stable 5/2014
Fitch A+ Stable 12/2013
Fitch A+ Stable 5/2013
Standard & Poor's AA- Stable 10/2012
Fitch A+ Stable 6/2012
Standard & Poor's AA- Negative 1/2012
Standard & Poor's AA- Negative watch 12/2011
Standard & Poor's AA- Stable 8/2011
Fitch A+ Stable 7/2011
Standard & Poor's A Positive 4/2011
Fitch A Stable 7/2010
Standard & Poor's A Stable 6/2010
Moody's A1 Stable 3/2010
Fitch BBB+ Positive 3/2010
Standard & Poor's A- Stable 2/2010
Fitch BBB+ Stable 2/2010
Standard & Poor's A- Negative 8/2009
Standard & Poor's A Negative 4/2009
Moody's A1 Negative 4/2009
Fitch BBB+ Negative 4/2009
Standard & Poor's A Negative watch 2/2009
Moody's A1 Negative watch 2/2009
Moody's A1 Negative 11/2008
Fitch A- Negative 10/2008
Fitch A Negative 1/2008
Moody's A1 Stable 9/2007
Standard & Poor's A Negative 7/2007
Fitch A Stable 8/2006
Standard & Poor's A Stable 7/2006
Moody's A1 Positive 3/2006
Standard & Poor's A Positive 11/2005
Standard & Poor's A Positive 7/2005
Standard & Poor's A Stable 11/2004
Fitch A Positive 7/2004
Standard & Poor's A- Positive 12/2003
Fitch A- Positive 10/2003
Moody's A1 Stable 11/2002
Standard & Poor's A- Stable 11/2001
Fitch A- Stable 8/2001
Fitch BBB+ Positive 7/2001
Standard & Poor's BBB+ Positive 12/2000
Fitch BBB+ Stable 9/2000
Fitch BBB Positive 8/2000
Standard & Poor's BBB+ Stable 12/1997
Moody's Baa1 Stable 9/1997

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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