Fitch: Lithuania view to stable

Fitch Ratings said it changed the Republic of Lithuania's outlook to stable from negative. Its long-term foreign-currency issuer default rating was affirmed at BBB, long-term local-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F3 and country ceiling at A.

The ratings are supported by the degree of financial and economic stabilization in Lithuania and the impressive external adjustment of the past year, Fitch said.

Although the fiscal deficit remains high, consolidation measures enacted to date have been substantial and the government has articulated a credible medium-term plan for reducing the deficit to 3% of GDP by 2012, the agency said.

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