Minister of Finance Antti Rinne comments on today's announcement of the Treasury on the decision by Standard
The credit rating agency Standard & Poor’s (S&P) has downgraded the credit rating for the State of Finland's long-term debt from AAA to AA plus on 10 October 2014.
As reasons for its decision, S&P cites, for example, the poor growth prospects for the Finnish economy. The outlook for the rating is stable. S&P estimates that the rating is likely to remain unchanged for the next two years.
“This is an unpleasant decision. It wasn't, however, unexpected or dramatic. Our growth outlook has deteriorated, the reasons are known and we have already taken measures to address them. Therefore, the decision does not give reason to revise our economic policy, but it does highlight the need to find new growth”, says Minister of Finance Rinne.
According to Finance Minister Rinne, the outlook for the rating is stable and the rating is not likely to change within the next two years. He points out that Finland still has an AAA- rating with a stable outlook from two out of the three main rating agencies.