S&P upgrades Lithuania

Standard & Poor's said it raised its foreign and local currency short-term sovereign credit ratings on the Republic of Lithuania to A-2 from A-3.

At the same time, S&P affirmed the BBB long-term foreign and local currency sovereign credit ratings on Lithuania. The transfer and convertibility assessment remains unchanged at A.

The outlook is stable.

S&P said the ratings on Lithuania balance its assessment of a proven political commitment to sound economic and fiscal policies, which anchors the currency board regime, against its more-limited monetary and fiscal policy flexibility - a characteristic of the government's monetary regime - and its moderate, although declining, external indebtedness.

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