Finland holds on to Moody's triple-A

Moody's gave no update on Finland's credit rating on Friday, leaving the recession hit Nordic country among the few euro zone members with two top notch triple-A ratings.

Finland's economy has yet to return to its 2008 output levels because of a string of setbacks, including the decline of Nokia's (NOKIA.HE) former phone business and recession in neighboring Russia.

Markets were expecting Moody's to downgrade Finland's rating to AA+.

Standard & Poor's cut Finland to AA+ already in 2014, and it now has a negative outlook for that rating. Fitch still rates the economy AAA, with a negative outlook.

Long proud of its top grade ratings, Finland took a hard line against euro zone bailouts during the currency bloc's debt crisis.

This year, the EU Commission expects Finland to be the weakest economic performer in the European Union, excluding Greece.

Prime Minister Juha Sipila's center-right government aims to rein in public debt growth by pushing for reforms and 10 billion euros ($10.8 billion) of spending cuts by 2030, but its reform program is strongly opposed by trade unions.