Fitch affirms Latvia

Fitch Ratings said it affirmed Latvia's long-term foreign currency rating at A-, revising the outlook to stable from positive. The long-term local currency rating has been affirmed at A with stable outlook. The short-term foreign currency rating has been affirmed at F2 and the country ceiling at A+.

Fitch said Latvia's sovereign ratings are supported by strong economic growth, a result of high and still rising investment, both domestic and foreign, which exceeded 30% of GDP in 2004. GDP itself has averaged more than 5% growth a year since 1996 and was 8.5% in 2004.

Latvia's rating reflects the pursuit by successive governments of consistent and coherent economic policies, including fiscal restraint, despite the short life of governing coalitions and fractious nature of Latvian policies.

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