Fitch rates Latvia eurobond BBB+

Fitch Ratings said it assigned the Republic of Latvia's fixed-rate 5 ½% coupon 10-year €400 million eurobond a BBB+ rating. The rating is in line with Latvia's BBB+ long-term foreign-currency issuer default rating.

The outlook is negative.

There are some signs that credit growth and domestic demand have started to ease in Latvia, Fitch said, but the slowdown is from an extended starting point and it will take time for slower demand to feed through to the current account deficit, inflation, wages and external debt dynamics, Fitch said.

However, it is too early to be confident about the path the adjustment will take, the agency said, adding that risks remain on the downside.

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