Fitch lifts Czech Republic

Fitch Ratings said it upgraded the Czech Republic's long-term foreign currency issuer default rating to A+ from A and local currency issuer default rating to AA- from A+.

At the same time, the agency said that the short-term foreign currency issuer default rating is affirmed at F1 and the country ceiling upgraded to AA+ from AA.

The outlooks on the Czech Republic's long-term issuer default ratings are stable.

"The upgrade reflects an improvement in public finances following strong recent fiscal outturns and the introduction of a wide-ranging reform of taxes and expenditure from 2008, which will help to contain the government deficit at around 2% of GDP. The Czech Republic's creditworthiness is supported by continued strong real income growth and a sound external position," said David Heslam, director in Fitch's Sovereign department.

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