Latvia is one of eight Eastern and Central nations whose ratings of foreign currency government bonds have been upgraded by the New York-based Moody’s Investor Service.

All eight nations—also including Estonia and Lithuania—are candidates to join the European Union. Also upgraded were foreign-currency country ceilings, Moody’s said in a press release.

Latvia’s bond rating was upgraded to A2 (relatively good financial security) from Baa2 (relatively adequate financial security). The best rating possible is Aaa, or exceptional financial security.

“The upgrades reflect Moody’s view that the process of economic and financial integration of these countries with the EU is virtually irreversible,” the investor service said.

The rating is a measure of what Moody’s sees as a country’s ability and willingness to make payments on bonds. In other words, the risk of investing in the nation has declined.