Fitch Also Upgraded Lithuania’s Credit Rating


2014 06 26


Vilnius, 26 June. Yesterday  International Credit Rating Agency “Fitch”, having appreciated the consistent efforts of Lithuania to ensure the sustainability of public finances and  that during the Meeting of EU Economics and Finance Ministers (ECOFIN) the recommendation to adopt the euro on 1 January 2015 in Lithuania was welcomed, upgraded Lithuania's long-term credit rating from 'BBB+' (positive outlook) to 'A-'(stable outlook).

The Agency also raised the short-term foreign currency credit rating from F2 to F1.

“The fact that one more Agency has upgraded Lithuania’s credit rating proves that financial policy chosen by us is effective and appreciated globally. This is also a good message  evidencing that there are all  possibilities for further decrease in national borrowing cost”, Finance Minister Rimantas Šadžius affirmed.

Among the reasons for upgrading Lithuania’s credit ratings by Fitch, the Agency indicated that the euro adoption will strengthen the country’s economic policy, and disappearance of   foreign currency exposures will exert positive impact both on national and banking sector liabilitiesas well as on borrowing.

The Agency also emphasized that the national economy demonstrated proper flexibility by    enabling getting through the deep economic crisis and rapid recovery after it. It also expects that the responsible policy of public finances will be further pursued, which will create conditions for decrease in government debt to GDP ratio as well.

Let us recall that in April 2014 International Credit Rating Agency Standart & Poor’s also upgraded Lithuania’s long-term credit rating to 'A-'.

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