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2020.08.03 10:19

Lithuania maintains A credit rating despite coronavirus downturn

LRT.lt2020.08.03 10:19

On Friday, the international credit rating agency Fitch confirmed Lithuania’s A credit rating despite the economic coronavirus effects.

In a press release, Fitch said “Lithuania's ratings reflect high governance indicators and a credible policy framework supported by EU membership”.

“The Stable Outlook reflects a degree of economic resilience to the Covid-19 pandemic owing to an improvement in external finances (with the decline in net external debt), a stable banking sector and a track record of fiscal prudence,” according to Fitch.

“Lithuania's flexible economy (diversity in industry and export markets), and lack of macroeconomic imbalances [...] are fundamentals that will help support a gradual economic recovery," it said.

In February, Fitch upgraded Lithuania’s credit rating for the first time in six years. Later the same month, Standard & Poor’s also upgraded the country’s credit rating to an A+, in what Lithuanian Finance Minister Vilius Šapoka said was a “historic moment”.

Read more: Lithuania gets A+ credit rating in a 'historical moment'

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