DBRS upgrades Latvia

DBRS said it upgraded the Republic of Latvia’s long-term foreign- and local-currency issuer ratings to A.

“The ratings upgrade reflects DBRS Morningstar’s assessment that Latvia’s credit improvements offset the challenges posed by the ongoing health and economic crisis. The country’s comparatively mild economic contraction during the shock and its strong expected recovery illustrates Latvia’s improved economic resiliency. Also supporting the upgrade, Latvia has made noteworthy progress reducing financial sector risk stemming from the banks that service foreign clients,” the agency said in a press release.

The trend is stable.

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