S&P rates Lativa notes BB+

Standard & Poor's said it assigned a BB+ rating with a 3 recovery rating to the $500 million 5¼% notes maturing on June 16, 2021 issued by the Republic of Latvia.

The rating is equalized with the long-term sovereign rating on Latvia, S&P said.

The ratings balance a view of the sovereign's weak external liquidity and large external debt burden against the predictability and stability of its policy environment, commitment to fiscal reform and relatively strong economic growth prospects, the agency said.

S&P said it believes the Latvian economy is rebalancing and its high dependence on external financing has started to fall.

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