Latvian, Lithuanian, Estonian CDS rise after S&P move

LONDON Feb 24 (Reuters) - The cost of insuring Latvian sovereign debt for five years rose on Tuesday by more than 30 basis points after Standard & Poor's cut the country's sovereign rating to junk.

S&P cut Latvia's rating to BB+/B, which is below investment grade, from BBB-/A-3. The outlook was negative. The ratings agency also put neighbours Estonia and Lithuania on credit watch, with negative implications.

Five-year credit default swaps (CDS) for Latvia were quoted at a mid-price of 977.4 basis points, according to CMA DataVision, up from their Monday close of 943.7 bps.

Five-year CDS for Lithuania hit a record high of 861.7 bps after the S&P move, compared with Monday's 831 bps. For Estonia, five-year CDS rose to 733 from 730.7 bps.

(Reporting by Natsuko Waki and Naomi Tajitsu)