Fitch affirms Lithuania

Fitch Ratings said it affirmed the Republic of Lithuania's long-term foreign-currency issuer default rating at BBB and long-term local-currency issuer default rating at BBB+.

The outlook remains stable.

The agency also said it affirmed Lithuania's short-term foreign-currency issuer default rating at F3 and country ceiling at A.

Lithuania's progress in reducing its budget deficit, restoration of external competitiveness, declining external debt ratios and stabilization in its banking sector point to an improving trend in its underlying credit profile, Fitch said.

Nevertheless, the eurozone crisis has heightened downside risks to the economic and financing environment, the agency said.

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