Fitch rates Latvia notes BBB-

Fitch Ratings said it assigned the Republic of Latvia's $500 million of 5.25% notes due June 16, 2021 a rating of BBB-, in line with Latvia's BBB- long-term foreign-currency issuer default rating.

Fitch upgraded Latvia's long-term foreign-currency issuer default rating to BBB- from BB+ and assigned a positive outlook on March 15, the agency said.

The upgrade reflects Fitch's opinion that Latvia is making solid progress in its recovery from a severe financial crisis, the agency said. A return to economic growth, impressive macroeconomic re-balancing, strong fiscal consolidation and signs of stabilization in the financial sector mean that downside risks have eased materially.

Nevertheless, there are some implementation risks to fiscal consolidation and Latvia's weak external finances continue to weigh on the rating, the agency said.

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