VILNIUS – International credit rating agency Standard & Poor’s has upgraded Lithuania's long-term borrowing rating from A to A+ with a stable outlook.
The country's Finance Ministry calls it a historic moment, noting in a statement that Lithuania's rating skipped the interim step – a positive outlook.
According to the Finance Ministry, credit rating agencies usually upgrade countries' outlook or leave the same rating during their annual assessments of long-term borrowing ratings, and such "jumps" in ratings are exceptional.
"We have not only reached our highest rating position in the country's history but we have also done that by skipping an interim step. It' is major appreciation we can be proud of," Finance Minister Vilius Sapoka was quoted as saying in a statement.
The last time Standard & Poor’s upgraded Lithuania's credit rating was in March, 2018.
Fitch Ratings' existing long-term borrowing rating for Lithuania now stands at A with a stable outlook. Moody‘s rating stands at A3 with a positive outlook and DBRS Morningstar's rating for Lithuanian stands at A with a positive outlook.