Moody's cuts Finland's prospects as economy shrinks

Helsinki

FINLAND faces the loss of its top credit rating at Moody's Investors Service as the country struggles to escape an economic contraction that's lasted since 2012.

Prospects on the northern-most euro member's long-term Aaa were lowered to negative from stable, Moody's said in a statement on Friday. The rating was affirmed. Moody's cited the government's worsening budget deficit and mounting debt as reasons for the weaker outlook.