The agency positively evaluated the country's public finances and the economic situation and upgraded long-term and short-term credit ratings from A- to A and from F1 to F1+ respectively. The long-term credit rating's outlook is stable, the Ministry of Finance said.

"It's another step up for Lithuania, reflecting confidence in our state. The upgraded credit rating shows that we are viewed as trustworthy and responsible partners responsibly managing the state's finances. This decision also creates real possibilities for the country's borrowing price to further go down," Finance Minister Vilius Sapoka says.

According to the ministry, the decision by Fitch experts was determined by real GDP growth, the decreasing state debt level and debt servicing costs. Also, the government sector's surplus and the current account surplus have been growing for the past several years in Lithuania, and the country managed to bring inflation under control during the period of fast growth. The agency experts also pointed to the positive net migration level.

The agency believes Lithuania's cautious fiscal policy and euro zone membership are likely to continue increasing its macroeconomic stability and the economy's resilience to externals shocks.

The last time Fitch Ratings upgraded Lithuania's credit ratings was on June, 2014.