Latvian Capital City of Riga Upgraded To 'BB+' On Improved Revenue Projection And Stronger Liquidity, Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
We expect Riga's revenues to expand as a result of a national economic recovery, management's capacity to adjust to adverse economic conditions, and the city's strong liquidity. We are therefore raising our long-term issuer credit rating on Riga to 'BB+' from 'BB'. The stable outlook reflects our expectation that Riga's liquidity position will stay strong despite a gradual weakening of budgetary performance. FRANKFURT (Standard & Poor's) Dec. 23, 2011--Standard & Poor's Ratings Services said today it raised its long-term issuer credit rating on the Latvian capital City of Riga to 'BB+' from 'BB'. The 'B' short-term rating was affirmed. The outlook is stable. The upgrade reflects our expectation, under our base-case scenario, that Riga's revenues will be boosted over the...

Companies mentioned in this report are:
- Riga (City of)
- Nordea Bank AB

Action: Upgraded

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)
- Nordea Bank AB

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