Analytics, EU – Baltic States, Financial Services, Insurance, Lithuania, Rating

Earlier this month Euler Hermes downgraded Lithuania to the most risky countries by allocating it the lowest D rating and grouped the country next to such countries as Laos, Djibouti or Cambodia. Such evaluation largely restricted the access of Lithuanian companies to credit insurance, reports ELTA/LETA.

"We have agreed that in two or three weeks Euler Hermes will revise the rating of Lithuania. What is more, Lithuanian companies will be evaluated individually. It will be carried out by a special working group formed by Euler Hermes in Lithuania," Kreivys said after the meeting with Gerd Uwe Baden, chairman of the board of the German company.

However, the minister could not guarantee that Lithuania's evaluation would change after the rating's revision.

"We have presented Lithuania's macroeconomic estimates. We think that we have made the situation clearer and we can improve the possibilities of our companies concerning credit insurance," Kreivys told journalists.

According to him, the main reason for allocating the lowest rating to Lithuania was delayed payments of the country's companies.