According to Moody's, Finland’s bailout collateral agreements with Greece and Spain will help buffer against any possible losses. It also noted that Finland enjoys relative insulation from the euro area in terms of trade because of its diversified export markets. A comparatively small share of Finnish exports, around one-third, is sold to the euro area.

Another plus for Finland was its small and domestically oriented banking system, according to Moody’s. Finland’s strict budgetary discipline also earned praise from the agency.

Moody's nonetheless believes that Finland's economy and public finances will continue to be challenged as long as the euro area crisis persists.

In a first step towards a possible downgrade, the agency has decided to lower the outlooks for Germany, the Netherlands, and Luxembourg, though still affirming their triple-A rating status.