S&P lowers Latvia's credit rating to BB
NEW YORK (MarketWatch) -- Latvia's long-term sovereign credit rating was lowered Monday to BB from BB+ by Standard & Poor's Ratings Services, which said the action reflects the political and economic challenges facing Latvia as a result of rapidly contracting nominal and real incomes and the associated pressures on public finances. The outlook on the ratings remains negative, meaning another downgrade is likely if political challenges to the E.U.-Nordic-IMF lending program intensify and if the economy fails to stabilize. Latvia's economy shrank by 19.6% in the second quarter compared to the same period a year ago, according to official estimates released Monday.
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