World Economy

Finland Loses Credit Rating

Finland Loses Credit RatingFinland Loses Credit Rating

Finland was downgraded by Moody’s Investors Service, losing its last top credit rating just as the northernmost eurozone member is showing signs of emerging from a protracted economic stagnation, Bloomberg reported. The country’s debt rating was cut to Aa1 from Aaa, Moody’s said in a statement Friday. The country lost its top grade from Fitch in March and from S&P Global Ratings in 2014. The reduction was based on “the significant economic challenges facing the Finnish economy and the weak growth that Moody’s expects the economy to record over the coming years,” as well as “deterioration in Finland’s fiscal position with no material reversal in the upward trend in the public sector debt burden likely in the next five years,” Moody’s said in a statement.