Fitch rates Lithuania bond BBB

Fitch Ratings said it assigned the Republic of Lithuania's upcoming 10-year dollar-denominated bond maturing in 2020 a BBB rating in line with its long-term foreign-currency issuer default rating of BBB.

The outlook is negative.

The recession in Lithuania is severe and although it appears the contraction is bottoming out, unemployment remains on the rise and bank asset quality continues to deteriorate, Fitch said.

Despite a reasonably strong response to the budgetary crisis, the 2009 deficit was large at 9.1% of GDP and much more consolidation will be needed to restore the public finances to a sustainable state, the agency said.

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