Lithuania began this week with great news.  Lithuanian National Tennis team achieved a historical victory against the Brits in the Davis Cup tournament.  Another news is that the rating agency Fitch raised Lithuania’s borrowing ratings from negative to stable.

‘It is kind of magic’ said Lithuania’s National Tennis team captain Remigijus Balžekas, after his team achieved a historical victory against the Brits in the Davis Cup tournament.  Lithuania’s victory 3 to 2 against the British National Tennis team, no doubt will be written in golden letters in Lithuania’s tennis history.  It is not doubt that the British Tennis will remember this day as a black Sunday.  Especially after the Brits lost against the Lithuanian ‘teenagers’ team, as the British media wrote.

Another great news is that the Fitch Ratings Agency raised Lithuania’s long-term foreign currency rating at BBB and its long-term local currency rating at BBB+.  The agency also It also affirmed Lithuania’s short-term foreign currency rating at F3 and the country ceiling at A.  Lithuania’s recent financial and economic stabilization was behind Fitch decision to raise the country’s ratings.

The Prime Minister Andrius Kubilius was pleased with the agency’s decision, which manifests that economy is on the right recovery track.  After the Government’s meeting on 8 March he said to reporters, “The agency highlighted that the key factor in ranking Lithuania is its fiscal deficit, which reached 9.1 pct of GDP in 2009. The deficit would have reached 17 pct of GDP if the government had not taken the necessary measures.”