Moody‘s A3 long-term issuer and senior unsecured rating for Lithuania remained unchanged, the Ministry of Finance said in a statement.

According to the ministry, Moody's based its decision on the continued improvement of Lithuania's fiscal strength, underpinned by gradually declining government debt relative to GDP, improving debt affordability and a reduction of ageing-related fiscal risks.

Moreover, the agency cited improving prospects for Lithuania's medium to long term growth potential, supported by significant government structural reform efforts and improving migration trends that support the economy's labor supply.

Experts from S&P Global Ratings say the existing rating reflects Lithuania's strong institutional environment, stable medium-term growth outlook, a moderate government debt level and advantages of the European Central Bank's monetary policy.

A stable outlook means that Lithuania's fiscal policy will remain strong and will counterbalance possible risks over the next two years, arising from its vulnerability to external shocks and due to negative demographic tendencies.

The last time S&P Global Ratings upgraded Lithuania's credit rating in March, 2018, and Moody's improved the credit rating's outlook in 2015.

Fitch Ratings' long-term foreign-currency issuer default rating (IDR) for Lithuania stands at A- with a positive outlook. And Standard & Poor's rating for Lithuanian stands at A with a positive outlook.