Fitch affirms Latvia

Fitch Ratings said it affirmed the Republic of Latvia's long-term foreign-currency issuer default rating at BB+, long-term local-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at B and country ceiling rating at BBB.

The outlook is negative.

The ratings remain under downward pressure due to the extent of the recession, fiscal financing concerns, rising public and external debt ratios, political developments and the risk of further negative developments in the banking sector, Fitch said.

Although there are some signs that macroeconomic imbalances are unwinding, further necessary and painful adjustment lies ahead, the agency said.

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