Finnish debt continues to rise, Fitch downgrades its rating for the first time in nearly a decade.

Due to the government's inability to control the continuously expanding debt, Finland has experienced its first credit rating downgrade in nearly a decade. Fitch Ratings announced on Friday night that Finland's long-term sovereign credit rating was lowered from AA+ to AA, the lowest tier among the three major rating agencies. "Finland's government debt level remains high and continues to rise. We expect a lack of sufficient fiscal consolidation measures in the medium term to stabilize the debt size," Fitch said in a statement. The government of Prime Minister Sanna Marin is currently attempting to repair the long-standing fiscal problems caused by deficits. Since 2009, Finland's public finances have been in deficit for several years. The current goal set by the government is to achieve stability in the debt-to-GDP ratio by 2027. The fundamental problem affecting the Finnish economy is that the transition of its export-oriented industrial structure has not been completed. Several governments in a row have failed to effectively reduce spending to address the fiscal gap caused by declining income in core industries.