S&P downgrades Latvia, Estonia
Standard & Poor's, a credit rating agency, on Monday lowered Latvia's long-term sovereign credit rating from BB+ to BB, three notches below investment grade, with a negative outlook.
The rating agency said the move reflected the political and economic challenges facing the country as a result of rapidly contracting nominal and real incomes and the associated pressure on public finances.
The negative outlook was based on the likelihood of a downgrade if political challenges to the European Union
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