Fitch affirms Malta

Fitch Ratings said it affirmed the Republic of Malta's long-term foreign-currency and local-currency issuer default ratings at A+, short-term issuer default rating at F1 and country ceiling at AAA.

The outlook is stable.

The affirmation reflects modest success during its first year in the euro area and the considerable progress made in preparing the Malta Dockyards for privatization, Fitch said.

The rating further reflects its relative success in managing the present recession, as output has not fallen by more than 2% and there has only been a limited deterioration in the government's accounts, the agency said.

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