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Moody's Raised Lithuania's Credit Ratings to a New Level

Date

2003 12 12

Rating
0

Vilnius, 12 December, 2003. Moody‘s, global credit rating services, having reviewed Lithuania's economic progress and the success of economic and structural reforms pursued, has reiterated its recognition that the national financial system is reliable and viable.

According to todays' press release, Moody's, international rating firm, upgraded Lithuania's foreign-and domestic-currency ratings from the previous Baa1 to A3. This is the very first time, as the rating of the higher investment group has been raised on Lithuania.

Reporting on a new upgrade on the national ratings, the firm emphasises that Lithuania's economic growth and the pace of economic developments markedly surpass the indicators of other Central European countries.  

The report also highlights that Lithuania's remarkable progress has been predetermined by the cautious fiscal policy, successful reforms in tax system and positive changes in carrying out reforms in the system of municipal finances pursued for the past years.  

Moody's press release also affirms that all the rating prospects on Lithuania remain positive. "This implies that in the upcoming years the national ratings may see one more upgrade", states Mr. Lukas Tursa, Head of the Public Debt Planning and Risk Management Division of the Ministry of Finance. According to Mr. Tursa, the country's upgrade to the higher rating group will definitely expand the circle of foreign investors to GS and should reduce the government borrowing costs.