VILNIUS -- International ratings agency "Fitch" has increased Lithuania's outlook to 'positive' from stable.
“The positive outlook reflects Lithuania’s strengthening public finances, strong economic recovery and increasing stabilization in the financial sector. Although Lithuania’s external debt burden remains a rating weakness, continued fiscal consolidation and structural reform combined with falling external debt ratios could lead to an upgrade,” said Michele Napolitano, associate director in Fitch’s Sovereign group.
“Assuming only a partial renewal of temporary consolidation measures, Fitch expects the budget deficit to exceed 2.8 percent in 2012, albeit by only 1 percentage point,” Napolitano said in a press release.
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