LONDON (MarketWatch) -- Estonia's rating was upped to A from BBB+ by Fitch Ratings on the Baltic country's planned entry into the euro area on Jan. 1, 2011. "Joining the euro area improves Estonia's risk profile as it reduces risks associated with the country's sizeable external debt and FX lending in the domestic banking system, and gives its banks access to ECB liquidity facilities," says Douglas Renwick, Associate Director in Fitch's Sovereigns group. "Furthermore, Estonia's sound public finances and flexible economy make the country well-suited for a currency union."
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