Fitch upgrades Estonia to A+

TALLINN -- Fitch ratings, one of the world's leading credit ratings agencies, has upgraded Estonia to A+, the fifth highest possible investment grade.

The improved rating was a result of the country's continuing post-crisis economic growth as well as its joining the eurozone at the start of this year.

“The upgrade reflects Estonia’s solid economic growth performance, exceptionally strong public finances, declining external debt ratios and signs of increasing stabilization in the banking sector,” said Fitch analyst Michele Napolitano.

Estonia's public debt is currently the lowest in the EU, while itsGDP saw the largest year-on-year increase in the first quarter. 

The country's outlook is still set to stable. The other two major ratings companies, S&P's and Moody's, still rate Estonia slightly lower at A and A1, respectively.