S&P affirm Latvia

Standard & Poor's said it affirmed its BBB+ long-term and A-2 short-term sovereign credit ratings on the Republic of Latvia.

The outlook remains negative due to the risk of a disorderly unwinding of external imbalances, the agency noted.

At the same time, S&P said it also affirmed its A+ transfer and convertibility assessment on Latvia.

The agency added that the decision to affirm the ratings reflects the recent deceleration of credit growth towards 34% in the fourth quarter of 2007, versus close to 60% in the first quarter of 2007, as well as the strong recovery of net exports during the last quarter of 2007.

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