… well, Moody-ness and negativity basically everywhere except in Finland. Fearing fallout from Spain and Italy, Moody’s put Germany, the Netherlands and Luxembourg on negative outlook, but reaffirmed Finland’s Aaa rating, citing strong Koskenkorva sales and an increase in rare exports.
Kidding. The legit reasoning was more like this:
Although Finland would not be expected to be unaffected by the euro crisis, its net assets (Finland has no debt on a net basis), its small and domestically oriented banking system, its limited exposure to, and therefore relative insulation from, the euro area in terms of trade, and its attempts to collateralise its euro area sovereign support together provide strong buffers which differentiate it from the other Aaas.
Not that ratings mean anything any more, but still. In addition to keeping their banking system localized, they gave us Angry Birds, they gave us Marimekko, they gave us the best airport lounge on the planet at Helsinki-Vantaa, so the whole Nokia thing notwithstanding the Finns do seem to be doing something right, I suppose.