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

  • ID: 2049837
  • December 2011
  • Region: Latvia
  • Standard & Poors
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  • Nordea Bank AB
  • Riga (City of)
  • MORE

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. On Dec. 23, 2011, Standard & Poor's Ratings Services 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 period 2011-2014, owing to an...

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Riga (City of)
- Nordea Bank AB

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