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Fitch Ratings: Finland's credit rating stays stable

International ratings agency Fitch Ratings has confirmed Finland's credit rating will stay at the second best level, 'AA+'.

Fitch Ratingsin toimisto New Yorkissa.
Fitch Ratingsin toimisto New Yorkissa. Image: Justin Lane / EPA

International ratings agency Fitch Ratings has confirmed Finland's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) will stay at 'AA+' with a stable outlook.

The agency says this is due to a "high value-added economy, political stability and very strong governance and institutional strengths"

Fitch estimates Finland's GDP growth in 2016 to be the best since 2011 and at 1.5% well above expectations.

Fitch Ratings downgraded Finland from an 'AAA' to an 'AA+' last March, while competitor Moody's gave Finland an Aa1 last June. Standard & Poor's demoted Finland's credit rating to an 'AA+' in October 2014.

Out of the three major ratings agencies, Fitch is the smallest with usually the most optimistic outlooks.

Sources: Yle