Fitch revises Latvia view to stable

Fitch Ratings said it revised the outlook for Latvia to stable from negative and affirmed the issuer default rating at A-.

“The high degree of uncertainty that prevailed at the onset of the pandemic around the effects of the coronavirus on Latvia´s economy and public finances has diminished, in our view. In particular, the economy has shown a degree of resilience to the shock, reflecting effective support measures and a strong starting position for external and domestic balances, as well as effective management of the health crisis,” Fitch said in a press release.

Fitch said it now forecasts Latvia’s economy to contract by a smaller 5.2% in 2020, versus 7% in its April review and 9% for the eurozone.

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