Trade association for the emerging markets

Estonia

August 9, 2011
Standard & Poor’s Upgrades Estonia’s Long-Term Sovereign Credit Rating from A to AA-.

June 10, 2010	Standard & Poor’s Upgrades Estonia’s Long-Term Foreign Currency Sovereign Credit Rating from A- to A.
April 8, 2009	Fitch Downgrades Estonia's Long-Term Foreign Currency Issuer Default Rating from A- to BBB+.