Finland loses one of euro zone's last top credit ratings

GMT 05:06 2014 Saturday ,11 October

Arab Today, arab today Finland loses one of euro zone's last top credit ratings

Crucial week in euro zone debt crisis
Helsinkie - SPA

Finland dropped out of the small group of euro nations with a full set of top credit ratings on Friday as Standard & Poor's cut its rating to 'AA+' from 'AAA', citing persistent economic growth problems, Reuters reported.
Finland has yet to return to its 2008 economic output levels after exports dwindled due to the euro zone crisis, problems at its mobile phone and paper industries and the crisis over Ukraine.
Following the S&P cut, Germany and Luxembourg are the only euro states with a full set of top-grade ratings from all three main rating agencies.
Finland's 'downgrade reflects our view of the risk that the Finnish economy could experience protracted stagnation because of its aging population and shrinking workforce, weakening external demand, loss of global market share... and relatively rigid labour market,' S&P said in its report.

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