Rating agency Fitch Ratings on Friday downgraded Finland’s sovereign debt rating to ‘AA+’ from ‘AAA’. The outlook is ‘stable’.
According to the agency, the downward revision was driven by a weak economic growth and high public debt.
“In Fitch’s view, key macro-economic and public debt metrics are no longer consistent with Finland retaining a ‘AAA’ rating, particularly given the economy’s relatively small size and the vulnerability to idiosyncratic shocks that has been evidenced in recent years,” Fitch said.
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