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Key Rating Drivers Ratings Affirmed: ���������ֳ� expects the City of Tallinn’s financial position to remain robust over the rating horizon (2023-2027) despite a weakened macroeconomic environment. The city’s debt ratios will weaken in ���������ֳ�’s rating case, due to the increase in debt incurred to finance investments, but will remain compatible with the current rating. The Negative Outlook reflects that on Estonia’s rating (AA-/Negative). Risk Profile – ‘Midrange’: The risk profile combines three key risk factors (KRFs) assessed as ‘Midrange’ (revenue robustness, expenditure adjustability and liabilities and liquidity flexibility), two KRFs assessed as ‘Stronger’ (expenditure sustainability and liabilities and liquidity robustness) and one KRF assessed as ‘Weaker’ (revenue adjustability). The assessment reflects a moderate risk relative to international peers that Tallinn’s ability to cover debt service by the operating balance will weaken unexpectedly over the forecast horizon either because of lower-than-expected revenue or expenditure overshooting expectations, or because of an unanticipated rise in liabilities or debt-service requirements.