OREANDA-NEWS. November 22, 2012. Moody's Investors Service affirmed Estonia's A1 government bond rating and stable outlook, citing both the strength of the economy and the state's fiscal responsibility.

"Estonia's economy is small and extremely open compared with that of most A-rated peers and is correspondingly vulnerable to external shocks. However, these challenges are offset by the country's moderately high wealth and longer-term prospects for gradual economic convergence with the core euro area," the ratings agency said in its analysis.

The report praised Estonian institutions for their flexibility and determination over the past three years, specifically in maintaining the discipline needed to qualify for entry into the Eurozone, a goal realized in 2011.

Moody's also cited the country's low government debt, which is less than 12 percent of GDP.