S&P upgrades Latvia

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on the Republic of Latvia to A- from BBB+. At the same time, the A- long-term local currency and A-2 short-term foreign and local currency sovereign credit ratings on Latvia were affirmed.

The outlook is stable.

"The upgrade reflects sustained improvements to Latvia's economic structure in the context of EU accession, as well as solid medium-term growth prospects," said S&P credit analyst Remy Salters. "The equalization of the foreign and local currency ratings also reflects our belief that Latvia is firmly on track for EMU membership."

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