Moody's rates Lithuania notes BBB

Standard & Poor's said it assigned a rating of BBB to the $750 million seven-year notes issued by the Republic of Lithuania, which has BBB and A-3 ratings.

The outlook is stable.

The rating is equalized with the long-term sovereign rating on Lithuania, S&P said.

The ratings reflect a view of the government's successful implementation of fiscal consolidation of nearly 10% of GDP in the 2009-2010 budgets in the face of a severe economic contraction, the agency said.

S&P said it projects that at the end of 2010, the general government deficit will be considerably below the 8% of GDP target.

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