S&P affirms Latvia

Standard & Poor's said it affirmed its A- long-term and A-2 short-term sovereign credit ratings on the Republic of Latvia.

The outlook is stable.

S&P said that the ratings on the Republic of Latvia continue to be supported by favorable fiscal indicators and the authorities' commitment to deepening market-based reforms.

Recent rapid inflation and credit growth, however, have increased the risk of the economy overheating and warrant close monitoring of developments in the banking sector, the agency added.

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