Research Update: Latvia Sovereign Ratings Lowered On Rising Fiscal And External Risks; Outlook Negative Oct 08

  • ID: 1833203
  • October 2008
  • Region: Latvia
  • Standard & Poors
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  • Latvia (Republic of)
  • Riga (City of)
  • MORE

On Oct. 27, 2008, Standard & Poor's Ratings Services lowered its long- and short-term foreign and local currency ratings on the Republic of Latvia to 'BBB/A-3' from 'BBB+/A-2', due to mounting external vulnerabilities and an expected fiscal deterioration. At the same time, Standard & Poor's also lowered its Transfer & Convertibility assessment on Latvia to 'A' from 'A+'. The outlook is negative. In a related action, the outlook on the City of Riga was revised to negative from stable, and the 'BBB' long-term ratings were affirmed. Our decision to lower the ratings reflects the increased risk that the Latvian government will have to support domestically owned banks under a worsening credit environment. The uncertainty surrounding these banks' liquidity needs, refinancing...

Companies mentioned in this report are:
- Latvia (Republic of)
- Riga (City of)

Action: Downgraded
Action: Outlook: Negative

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- Latvia (Republic of)
- Riga (City of)

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