Moody's cuts Latvia

Moody's Investors Service said it downgraded the foreign- and local-currency ratings of the government of Latvia to Baa3 from Baa1.

The outlook remains negative.

The depth and pace of the economic adjustment is much more severe than previously anticipated, Moody's said. This has had negative repercussions for government revenues and the budget deficit, causing the budget-related conditions in the IMF stand-by arrangement to be missed, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.