The international credit rating agency “Fitch ratings” has raised the ratings of the AS “Latvijas Krājbanka” (JSC)

The international credit rating agency “Fitch Ratings” has announced that it
raises the long-term rating in foreign currency of AS  "Latvijas Krājbanka"
(hereinafter Latvijas Krājbanka)  to the level B+. The outlook of the rating
development is stable. 

The individual rating of the bank has been raised to the level D. The short
term rating for the bank has been maintained at the level B but the support
rating is 4. 

The agency indicates that the upgrades of the Long-term and the Individual
rating reflect the facts of an improved capitalization, lower impaired loans
and higher loan loss reserve coverage. 

The agency recognizes that although the economic situation in Latvia has been
deteriorating the impact on Latvijas Krājbanka has been less than anticipated. 

“Fitch” also points out the adequate liquidity, stable domestic funding base of
the residents of Latvia and tighter credit standards. Similarly the agency has
evaluated the management focus on cost optimization. 

Dace Dūze
The Adviser of the President
Phone: 67092043
Mobile: 29488797
E-mail: Dace.Duze@lkb.lv