The American credit rating agency describes Finland’s economic outlook as stable.
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The US credit rating agency S&P views Finland’s economic outlook as stable. Image: Justin Lane / EPA
The American credit rating agency S&P Global, formerly known as Standard & Poor’s, has kept Finland’s long-term debt rating unchanged at the AA+ level.
The company said Finland’s economic outlook was stable. An AA+ rating falls just below the top AAA ranking. It indicates very low credit risk, although long-term risks may affect investments.
S&P forecasts that Finland’s gross domestic product (GDP) will contract by 0.4 percent in 2024, although the economy has begun to recover in the second half of the year.
According to the ratings firm, rising interest rate costs, along with increased defence and social sector spending, will push Finland’s budget deficit to about 3.6 percent of GDP this year.
The Bank of Finland recently downgraded its forecast for Finland’s economic growth next year.