| Standard & Poor's is going to start its mission in Latvia at the end of this week, LETA reports citing FinMin. FinMin, state secretary and representatives of other ministries are going to meet with the mission. At the end of January, Bank of Latvia spokesperson Martins Gravitis announced that central bank anticipates Latvia's sovereign rating upgrade after major rating agencies will visit the country in the coming spring. This came as a comment to Japanese rating agency's Rating and Investment Information decision to upgrade Latvia's rating by one notch to BBB-/Stable. Gravitis noted that Latvia is one of few European countries that could rely on a stable or even positive rating action in current economic environment. However, economic analysts surveyed by BNS following CB's announcement were sceptical on the prospects on rating upgrade given the deteriorating external environment. Fitch Ratings lowered the outlook on Latvia's sovereign ratings from Positive to Stable in December 2011. The agency attributed the downgrade to rapid deterioration of the external environment and the increased instability in the financial sector. Fitch believed that the crisis in the eurozone will have a negative effect on Latvia's exports. Currently Fitch's long-term foreign currency rating for Latvia stands at BBB-, Moody's foreign and local currency rating for Latvia at Baa3 (outlook Positive), while S&P's credit rating at BB+ (Positive outlook). |
Related Articles
EE: Estonian Air records EUR 49.2mn loss in 2012.
Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company ... more
LT: Malsena acquires Latvian flour manufacturer Rigas Dzirnavieks.
Lithuanian flour manufacturer Malsena announced that it has acquired Latvian flour manufacturer Rigas Dzirnavieks. The company indicates that with the acquisition it will become the largest flour ... more
EE: Estonian Air to return excess Embraer airplanes.
Estonian national airline Estonian Air announced that it agreed to pay penalties for returning two excess Embraer E190 aircrafts to the manufacturer. The company has started restructuring and ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
13 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago