Fitch lifts Lithuania

Fitch Ratings said it has upgraded Lithuania's long-term foreign currency issuer default rating to BBB+ from BBB and its local currency issuer default rating to A- from BBB+.

The outlooks are stable.

At the same time, the agency said it has upgraded the short-term foreign currency issuer default rating to F2 from F3 and the country ceiling to A+ from A.

Fitch said that the upgrade of Lithuania's sovereign ratings reflects the continuing economic recovery from its deep economic crisis. Growth surprised on the upside in 2012, while euro zone downside risks have not materialized.

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