Moody's lowers Lithuania

Moody's Investors Service said it has downgraded the foreign and local currency ratings of the Government of Lithuania from A3 to Baa1.

The outlook remains negative.

"The deep economic recession continues to place severe pressure on the government's fiscal metrics such that they are no longer consistent with an A rating," said Kenneth Orchard, vice president/senior analyst in Moody's sovereign risk group.

"Moreover, the deterioration in growth prospects for Lithuania and its major European trade partners suggests that a reversal of this trend is unlikely to occur within the medium-term rating horizon."

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