Fitch affirms Latvia

Fitch Ratings said it affirmed Latvia's ratings at long-term foreign currency A- with positive outlook and long-term local currency A with stable outlook. The short-term foreign currency rating is affirmed at F2 and the country ceiling at A+.

Fitch said Latvia's sovereign ratings continued to be supported by strong economic growth and an established history of structural reforms and policy discipline. Public finances are a considerable support to the ratings and, despite frequent changes of government, are backed by a broadly based consensus that has successfully ensured fiscal restraint.

On the other hand, Fitch cautioned that the rapid pace of credit growth and strong demand growth in Latvia could give rise to inflationary pressures.

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