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Friday, rating agency Standard & Poor's revised its outlook on the Republic of Latvia to stable from negative. At the same time, it affirmed the 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Latvia. The 'BBB' transfer and convertibility assessment is unchanged.
"The outlook revision reflects our view of prospects for economic recovery in light of the shrinkage in external imbalances and the government's progress in stabilizing public finances," said Standard & Poor's credit analyst Frank Gill.
The ratings on Latvia reflect the authorities' demonstrated commitment to support and implement budgetary and structural policies to cope with the effects of the severe economic adjustment and to anchor the fixed exchange rate regime, while at the same time safeguarding public finances, S&P said in a statement.
The rating agency estimates 18% economic contraction in 2009, as the large external imbalances and double-digit credit growth of much of the past decade were rapidly unwound in tandem with a sharp fall in domestic demand.
Despite an expected rise in unemployment, S&P expects Latvia's economy to begin to stabilize in 2010, expanding by just over 1%.
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