The international rating agency Standard & Poor's upgraded Estonia's long-term foreign currency rating

The international rating agency Standard & Poor's upgraded Estonia's long-term foreign currency rating, or sovereign rating, from BBB+ to A-, BNS quoted the Bank of Estonia as saying Tuesday. "Upgrading of the rating is a feather in Estonia's cap at a time when the world economic outlook is governed by uncertainty," Vahur Kraft, the central bank head, said. Standard & Poor's said the upgrade reflects Estonia's continued success in accession talks with the European Union and the implementation of structural reforms. It also noted that per capita direct investment in Estonia is the highest among post-communist countries. At the same time, it said Estonia remains vulnerable to external economic shocks; the ratings agency also pointed to relatively high unemployment and uneven regional development as potential problems. In August, Fitch IBCA also upgraded Estonia's sovereign rating to A-; Moody's has assigned Estonia a rating of Baa1.