Moody's lifts Latvia bond

Moody's Investors Service said it has upgraded Latvia's government bond rating by one notch to Baa2 from Baa3 and has maintained the positive outlook.

According to the agency, the key drivers for its rating action are the country's strong, resilient and balanced economic recovery and its positive medium-term growth prospects.

Moody's decision to maintain the positive outlook on Latvia's ratings reflects the rating agency's expectation that both drivers that led to the rating upgrade will continue to improve and Latvia's application to join the euro area, which, if approved, should reduce the economy's susceptibility to event risks and provide institutional support to the country's banking sector.

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