LV: Fitch upgrades Latvia to BBB-, outlook Positive.

By bne IntelliNews March 17, 2011
Fitch Ratings upgraded Latvia's foreign currency credit rating to investment-grade BBB- from BB+, setting outlook at Positive, FinMin reports. Country's long-term local currency rating is upped to BBB from BBB- and short-term local currency rating to F3 from B. Fitch expects Latvia's economy to grow 3.5% in 2011 and 4% in 2012, noting a considerable macroeconomic stabilisation. Agency believes that labour force costs declining to a competitive level is going to ensure a sustainable growth in mid-term. Fitch also believes that financial markets are stabilising, noting a decline of the interbank rates, while assessing devaluation risks as low. To remind, Standard & Poor's currently ranks Latvia at BB+ (outlook revised to Positive from Stable) and Moody's at Baa3 (outlook revised to Stable from Negative).

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