Fitch rates Lithuania eurobond BBB

Fitch Ratings said it assigned a BBB rating to the Republic of Lithuania's upcoming fixed-rate dollar-denominated eurobond due in 2015.

The rating is in line with Lithuania's long-term foreign-currency issuer default rating of BBB with negative outlook.

Lithuania is undergoing a severe recession and macroeconomic rebalancing, which is taking a toll on the real economy through falling property prices, deteriorating bank asset quality and rising unemployment, Fitch said.

Further necessary and painful adjustment is expected to lie ahead, the agency said.

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