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    Fitch downgrades Estonia, Latvia, Lithuania

    03.10.2008 - 15:19 | Son Güncelleme:

    Ratings agency Fitch said on Friday it downgraded the ratings of Baltic states Estonia, Latvia and Lithuania and kept their outlooks on negative, citing worries about the countries' current account deficits.

    Fitch downgraded Estonia's foreign currency rating to A- from A, Latvia to BBB from BBB+ and Lithuania to A- from A.

    "The downgrade of the Baltic states reflects the risk that the deterioration in the European economic and financial environment will impose a more costly macroeconomic adjustment in the Baltic countries, given their large bank-financed current account deficits," Edward Parker, head of emerging Europe sovereigns at Fitch, said in a statement.

    Fitch added in the statement that "the risk of a prolonged and deep recession cannot be wholly discounted, increasing the potential for adverse economic and fiscal shocks".

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