S&P Global Ratings confirmed Lithuania’s credit rating
On Friday evening, the international credit rating agency S&P Global Ratings maintained the long-term credit rating ‘A’ with a stable outlook previously granted to Lithuania.
“All credit rating agencies that analysed Lithuania this year gave a positive assessment of Lithuania’s economic situation – they maintained the same higher investment rating or – as Fitch Ratings – upgraded it. This assessment is particularly important in the context of geopolitical risks and obliges to continue the sound management of public finances”, Minister of Finance Kristupas Vaitiekūnas says.
Experts from S&P Global Ratings predict that Lithuania’s economy is expected to continue growing at a robust pace – GDP to grow about 3% in 2026 for the third year in a row. According to the credit rating agency, Lithuania's economy has shown resilience to the impact of russia's war against Ukraine: the country is increasingly focused on higher value-added production, diversifying export markets and rapidly increasing exports of services. Economic growth was also supported by investments above the EU average and strong domestic consumption. These factors are expected to help Lithuania withstand the challenges posed by the conflict in the Middle East also in 2026.
The agency's analysts predict that inflation is expected to exceed 5% this year due to rising energy prices, but the economy will continue to be supported by domestic demand. Consumption will be driven by withdrawals from Pillar II pension funds, and investments – by EU funds and rapidly growing defence spending. According to S&P Global Ratings, defence spending of more than 5 % of GDP significantly increases the public debt, although it remains relatively low compared to the countries with a similar rating, and external finance indicators remain robust.
A stable rating outlook reflects the credit rating agency’s expectation that Lithuania will remain resilient to external challenges over the next two to three years, including the short-term impact of the Middle East conflict and remaining risks related to russia’s war against Ukraine. It is also based on the assumption that this war will not spread to NATO territory, including Lithuania.
The last time S&P Global Ratings analysts reviewed Lithuania’s rating was in May 2024, setting an ‘A’ (stable outlook) and maintaining the short-term rating ‘A-1’. The latest agency’s statement can be found here.
At the end of April, the international credit rating agency Fitch Ratings following a positive assessment of Lithuania’s economic situation, after a break of 6 years, 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 the long-term credit ratings granted by three major agencies to our country.
In mid-April, another international credit rating agency Moody’s Investment Service reconfirmed the long-term credit rating ‘A2’ previously granted to Lithuania and maintained a stable outlook. Moody’s last upgrade of Lithuania’s credit ratings took place in February 2021, when the long-term credit rating ‘A3’ (positive outlook) granted in 2015 was upgraded to ‘A2’ (stable outlook).
On 10 April, Lithuania’s long-term credit rating A (high) with a stable outlook was also confirmed by Morningstar DBRS. This international credit rating agency last changed Lithuania’s long-term credit rating in November 2021 by upgrading from ‘A’ to ‘A (high)’ with a stable rating 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: 09-06-2026
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