S&P upgrades Latvia to A-

Standard & Poor's said it raised its long-term foreign- and local-currency sovereign credit ratings on the Republic of Latvia to A- from BBB+.

The A-2 short-term ratings were affirmed.

The outlook is stable.

S&P said the upgrade reflects Latvia's strong economic performance, which it expects will continue with output growing by 4% on average over 2014-2017. The upgrade also reflects that the external performance has been better than we forecast, as well as the agency's expectation of continued prudent fiscal policies supporting a modest decline in government debt as a percentage of GDP.

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