As a determining reason for changing the outlook, Fitch pointed out the limited impact of the COVID-19 outbreak on the Latvian economy and public finances, supported by effective and operational support measures to mitigate the effects of the coronavirus outbreak and the resilience of the Latvian economy to external shocks.
Fitch forecasts that Latviaʼs GDP will fall in 2020 below the agencyʼs initial forecast of 5.2%. GDP growth of 4.6% and 3.2% is already projected in 2021 and 2022, which is in line with trends in foreign demand and domestic consumption.
Standard & Poorʼs credit rating for Latvia stands at ʼA+ʼ with stable outlook. Moodyʼs credit rating for Latvia was last set at ʼA3ʼ with stable outlook. DBRSʼs credit rating for Latvia is A (low) with stable outlook.
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