Fitch Ratings upgrades Lithuania's credit rating after 6 years
Following a positive assessment of Lithuania’s economic situation, the international credit rating agency Fitch Ratings upgraded the country’s credit rating from ‘A’ to ‘A+’ with a stable outlook. This credit rating granted by Fitch Ratings to Lithuania is currently the highest among long-term debt ratings granted by three major agencies to our country.
According to Minister of Finance Kristupas Vaitiekūnas, a higher rating granted after a six-year break is an important assessment of Lithuania, especially in the current context of elevated geopolitical tensions.
“We are delighted that the agency has assessed the resilience of the Lithuanian economy in the context of geopolitical risks. Such a decision demonstrates confidence in responsible economic policy pursued by our Government and public financial management and creates real preconditions for lower borrowing costs in the future. Admittedly, it is also a responsibility to maintain financial discipline and to continue responsible financial policy”, Minister of Finance K. Vaitiekūnas stressed.
Fitch Ratings highlights strong and resilient domestic economic growth, sustained despite recurrent external shocks, as the key drivers underpinning the upgrading of Lithuania’s credit rating. Lithuania remained among the fastest growing economies in Central and Eastern Europe in 2025 and was one of the best performers among the ‘A’-rated countries. The growth was supported by strong investment, moderate consumption and rising exports.
After the pandemic, the national economy grew on average approximately 3% per year, and in QIV 2025 real GDP was 17% higher than before the pandemic. Industrial production during this time has grown by 33.5%, while exports of services have more than doubled, especially in high value-added sectors. Economic activity significantly outperformed the countries of the region, accelerating income convergence. In 2025, GDP per capita reached 94% of the median of ‘A’-rated countries (71% in 2019).
Fitch Ratings predicts that Lithuania's economy will grow 3.1% this year despite the negative impact of the Middle East conflict. Growth will remain strong, supported by a robust labour market, withdrawals of Pillar II pension funds, higher defence spending and EU-funded public investment. Growth is expected to slow down to 2.5% in 2027, with some temporary factors fading away, and afterwards will return to a long-term trend. The agency also increased Lithuania’s potential growth rate to approximately 2.8% – this is one of the highest rates among countries with the same rating. This assessment reflects a positive migration balance, capital inflows to the country and productivity growth in higher value-added sectors.
The country’s assessment is also supported by the sound country’s political framework based on membership of the European Union and the euro area, low general government debt and consistent fiscal discipline. According to the agency's experts, these advantages are counterbalanced by the strong influence of geopolitical risks and the small size of the country's economy.
Fitch Ratings last upgraded Lithuania’s credit ratings in January 2020, when the long-term credit rating was upgraded from ‘A-’ to ‘A’.
The latest report of the agency can be found here.
Last Friday, another international credit rating agency Moody’s Investment Service reaffirmed its previous ‘A2’ long-term credit rating granted to Lithuania and left a stable outlook. Moody’s last upgraded Lithuania’s credit ratings in February 2021, when ‘A3’ (positive outlook) long-term credit rating issued in 2015 was upgraded to ‘A2’ (stable outlook).
Lithuania’s rating held in November last year – ‘A’ rating with a stable outlook– was also affirmed by the credit rating agency S&P Global Ratings. Analysts of this agency assessed Lithuania's situation as stable, therefore, a decision was taken not to change the country's "A" credit rating (stable outlook) granted in 2024, while maintaining the ‘A-1’ short-term credit rating, and only to publish a report on Lithuania, assessing the country's economic outlook.
More information about Lithuania's credit ratings can be found here.
Additional information:
A credit rating is an indicator that provides investors (creditors) with concentrated information on the degree of ability of the borrower to meet its financial obligations. A high credit rating indicates a lower risk of default by the debtor/issuer and, accordingly, a lower cost of borrowing.
They use specific classifications and symbols to express credit ratings and determine the credit value for borrowing countries and companies by using standardised credit ratings.
Last updated: 29-04-2026
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