Lithuanian’s banking system is stable

Fitch Upgrades Lithuania to ‘A

(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: Lithuania Rating Action moncler jackets cheap Report here moncler outlet location LONDON, June 25 (Fitch) Fitch Ratings has upgraded moncler coats cheap Lithuania’s Long term foreign currency Issuer Default moncler jackets mens Rating (IDR) to ‘A ‘ from ‘BBB+’ and revised the Outlook to Stable from Positive. The Short term foreign currency IDR has also been upgraded to ‘F1’ from ‘F2’ and the Country Ceiling raised to ‘AAA’ from ‘A+’. The Long term local currency IDR has been affirmed at ‘A ‘ with a Stable Outlook. The issue ratings on Lithuania’s senior unsecured foreign currency bonds have been upgraded to ‘A ‘ from ‘BBB+’ and the issue ratings moncler outlet mall on its senior unsecured local moncler jackets canada currency bonds affirmed at ‘A ‘. Under EU credit rating agency (CRA) moncler outlet woodbury regulation, the publication of sovereign reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to moncler coats sale deviate from this in order to comply with their legal obligations. Fitch interprets this provision as allowing us to publish moncler outlet ny a rating review in situations where there is a material change in the creditworthiness of the issuer that we believe makes it inappropriate for us to cheap moncler coats for women wait until the next scheduled review date to update the rating or Outlook/Watch status. The next scheduled review date for Fitch’s sovereign rating on Lithuania is 3 October 2014, but Fitch believes that developments in Lithuania warrant such a deviation from the calendar and our rationale for this is laid out below. KEY RATING DRIVERS The rating actions reflect moncler jackets outlet the moncler coats outlet following key rating drivers and their relative weights: High The upgrade of moncler coats for women Lithuania’s Long term foreign currency IDR follows the announcement on 20 June by the European Commission’s Economic and Financial Affairs Council (ECOFIN) moncler jackets toronto that it has recommended Lithuania becomes the 19th eurozone member on 1 January 2015, which will be formally agreed by the European Council in July. Euro adoption will enhance Lithuania’s economic policy coherence and moncler outlet uk credibility compared with the current exchange rate peg to the euro. It will reduce credit risks associated with foreign currency exposures on the sovereign’s balance sheet and in the banking system, as well the country’s still high level moncler coats for men of net external debt. The euro’s reserve currency status will enhance the sovereign’s fiscal and moncler chicago external financing flexibility, moncler jackets on sale while Lithuanian banks will gain access to European Central Bank (ECB) liquidity facilities. The increase of the Country Ceiling to ‘AAA’ represents the maximum cap for the foreign currency Moncler Factory Outlet rating of issuers and transactions based in Lithuania. The agency views the risk of the imposition of moncler jacket outlet capital or exchange controls within the eurozone as low but not negligible. Consequently, the agency imposes a maximum Country Ceiling uplift of six notches moncler coats for cheap above the Long term foreign currency IDR for eurozone member states. Lithuania’s ratings also reflect the following key rating drivers: Lithuania’s strong recovery from its deep economic crisis has continued and the economy displays relatively few macroeconomic imbalances. The economy has demonstrated the flexibility required to adjust to shocks without exchange rate adjustment. Fitch expects the Lithuanian economy to operate close to potential in 2014 15, registering annual average growth of 3.5%, broadly in line with the ‘A’ median. Lithuania has undertaken significant fiscal consolidation since 2009, successfully moncler jacket online exiting the EC’s Excessive Deficit cheap moncler jackets outlet Procedure in 2Q13. Fitch forecasts Lithuania’s general Discount Moncler Coats government deficit at 2.2% of Official Moncler Outlet GDP in 2014 and moncler jackets 1.7% in 2015, after 2.2% moncler outlet usa in 2013. Government debt was 39.4% of GDP moncler outlet online store at end 2013, below the ‘A’ range median of 50%. Lithuanian’s banking system is stable. Capital adequacy ratios increased moncler outlet kids to 17.6% at end 2013 from 15.7% at end 2012. The quality of banks’ loan portfolios has also improved, with non performing loans declining to 11% from a peak of 20% in 2010. External finances compare weakly against rating peers. Lithuania’s net external debt was equivalent to moncler coats for kids 25.2% of GDP at end 2013, compared with a net creditor position for the median of ‘A’ rated peers. It has strong moncler outlet governance moncler coats and effective policy making cheap moncler jackets wholesale institutions. Measures of human development, governance and ease of doing business are broadly in line with the ‘A’ median. RATING SENSITIVITIES The Stable Outlook reflects Fitch’s assessment that upside and downside risks to the rating are currently balanced. The main factors that individually or collectively could trigger a positive rating action include: A longer track record of strong and stable growth that fosters income convergence towards the ‘A’ median, without the re emergence of macroeconomic imbalances. Further material reductions in public indebtedness. The main factors that individually, or collectively, could trigger a negative rating action include: A severe shock that undermines macroeconomic and financial stability, leading to renewed macroeconomic imbalances. Deterioration in Lithuania’s public debt dynamics, reflecting economic underperformance and/or sustained moncler outlet store fiscal slippage. KEY ASSUMPTIONS The ratings and Outlooks are based on the following key assumptions: The European Council formally endorses the recommendation of ECOFIN, as it has in the cheap moncler jackets case of every other eurozone accession country, and Lithuania discount moncler outlet becomes a eurozone member on 1 January 2015. Medium term budget deficit outcomes are broadly in line with the Ministry of Finance’s targets and are consistent with continued fiscal consolidation. The gradual progress in deepening fiscal and financial integration at the eurozone level will continue, key macroeconomic imbalances within the currency union will cheap moncler be slowly unwound, and eurozone governments will tighten fiscal policy over the medium term. Fitch assumes no material escalation in developments between Russia and the Ukraine that would lead to a significant external shock to Lithuania’s economy. Applicable Criteria and Related Research: Sovereign Rating Criteria here Country Ceilings here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS discount moncler jackets BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, moncler outlet canada CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE buy moncler jackets toronto FOUND UK Moncler sale ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

moncler outlet sale

cheap moncler outlet

moncler outlet

cheap moncler sale

moncler sale outlet

cheap moncler coats

moncler outlet store

moncler sale

cheap moncler

moncler mens jackets

buy moncler jackets

monlcer down jackets

cheap moncler jackets

moncler outlet online.