Fitch ups Latvia

Fitch Ratings said it upgraded Latvia's long-term foreign-currency issuer default rating to BBB- from BB+, long-term local-currency issuer default rating to BBB from BBB- and short-term foreign-currency issuer default rating to F3 from B.

The outlook is positive.

Latvia is making good progress in its recovery from a severe financial crisis, warranting a return to investment grade, Fitch said. Economic growth and re-balancing, strong fiscal consolidation and signs of stabilization in the financial sector are evidence that downside risks have eased materially.

While Latvia's weak external finances continue to weigh on the ratings, further evidence of sustainable growth, fiscal deficit reduction and falling external debt ratios could lead to a further upgrade, 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.