City Of Riga LT Ratings Raised To 'BBB' On Improved Financial Performance; Outlook Stable Aug 05

Standard & Poors, August 2005

Abstract
FRANKFURT (Standard & Poor's) Aug. 4, 2005--Standard & Poor's Ratings Services said today it raised its long-term foreign and local currency issuer credit ratings on the Latvian capital City of Riga to 'BBB' from 'BBB-'. At the same time, the 'A-3' short-term ratings on Riga were affirmed. The outlook is stable. "The upgrade reflects the city's improved financial management and transparency, increased cofinancing of infrastructure projects by the EU, and better financial performance on the back of strong economic growth and cautious budgeting," said Standard & Poor's credit analyst Marcin Gdula. The ratings continue to be supported by Riga's strong position in the Republic of Latvia's economy (A-/Stable/A-2), its moderate debt burden, and strong intergovernmental control framework. The rating is...

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

Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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