The Fitch Ratings agency increased Lithuania’s outlook from stable to positive and affirmed its long-term foreign currency rating at BBB and its long-term local currency rating at BBB+.
"The positive outlook reflects Lithuania’s strengthening public finances, strong economic recovery and increasing stabilization in the financial sector. Although Lithuania’s external debt burden remains a rating weakness, continued fiscal consolidation and structural reform combined with falling external debt ratios could lead to an upgrade,” Michele Napolitano, associate director in Fitch’s Sovereign group, said in a press statement.
"Assuming only a partial renewal of temporary consolidation measures, Fitch expects the budget deficit to exceed 2.8 percent in 2012, albeit by only 1 percentage point,” the press release said.
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