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Estonia Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A1 Stable | NR — | AA- Negative | AA (low) Stable | A+ Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Dec 31, 2024 | S&P | AA- | Negative | NR | — | |
| Apr 19, 2024 | Scope Ratings | AA- | Negative | A+ | Stable | |
| May 05, 2023 | Scope Ratings | AA- | Stable | AA- | Negative | |
| Dec 06, 2022 | S&P | AA- | Stable | AA- | Negative | |
| Aug 19, 2022 | Fitch | AA- | Stable | AA- | Negative | |
| Mar 31, 2022 | S&P | AA- | Positive | AA- | Stable | |
| Aug 20, 2021 | S&P | AA- | Stable | AA- | Positive | |
| Aug 21, 2020 | S&P | AA- | Positive | AA- | Stable | |
| Feb 28, 2020 | S&P | AA- | Stable | AA- | Positive | |
| Feb 21, 2020 | Scope Ratings | A+ | Stable | AA- | Stable | |
| Oct 05, 2018 | Fitch | A+ | Positive | AA- | Stable | |
| Nov 10, 2017 | Fitch | A+ | Stable | A+ | Positive | |
| Oct 27, 2017 | Scope Ratings | NR | — | A+ | Stable | |
| Jul 14, 2017 | DBRS | NR | — | AA (low) | Stable | |
| Oct 19, 2012 | S&P | AA- | Negative | AA- | Stable | |
| Jan 13, 2012 | S&P | AA- | Negative Watch | AA- | Negative | |
| Dec 05, 2011 | S&P | AA- | Stable | AA- | Negative Watch | |
| Nov 21, 2011 | Fitch | A+ | Stable | A+ | Stable | |
| Aug 09, 2011 | S&P | A | Positive | AA- | Stable | |
| Jul 05, 2011 | Fitch | A | Stable | A+ | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Estonia’s current credit rating?
Estonia’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Estonia’s credit risk.
Has Estonia’s credit rating changed recently?
This page lists the latest rating and outlook actions for Estonia, showing when each agency last reviewed or changed its assessment.
Why does Estonia’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Estonia's bond yields, currency, and equity flows as investors reassess risk.
How does Estonia’s rating compare to other countries?
You can explore how Estonia ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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