S&P upgrades Vilnius

Standard & Poor's said it raised its long-term foreign and local currency issuer credit ratings on the Lithuanian capital City of Vilnius to BBB+ from BBB.

The outlook is stable.

S&P said the upgrade reflects Vilnius's growing economy, which benefits from the improving policy, economic, and fiscal environment in the Republic of Lithuania (A-/positive/A-2). It also reflects the significant growth of EU funding after accession to the organization, stable financial performance and low debt levels.

The ratings are constrained, meanwhile, by Vilnius's low liquidity, the need for further improvements to its accounting and reporting systems, limited financial flexibility and significant investment requirements.

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