S & P retains constant the rating of AS “Latvijas Krājbanka” and changes the outlook of the rating

On October 17, 2008, Standard & Poor's Ratings Services revised its outlooks on
AB  Bankas “Snoras”(JSC)  and AS “Latvijas Krājbanka”(JSC)  to negative from
stable. At the same times, the long-term and short-term counterparty credit
ratings on the banks were affirmed. 
The negative outlooks reflect Standard & Poor's Ratings Services opinion that
AB Bankas “Snoras”(JSC) and AS “Latvijas Krājbanka”(JSC) are likely to face
increased pressure on their asset quality as economic conditions in the Baltics
deteriorate.  The outlook also assumes strained profitability due to the higher
cost of risk and the maintenance of good funding and liquidity profiles. 
The outlook could revert to stable if Standard & Poor's concerns over the
operating environment abate and asset quality figures and profitability prove
resilient throughout the economic turbulence. 



Kristīne Ozolniece
AS “Latvijas Krājbanka”
The specialist of public relations
Phone: 67068031
Mobile: 25912461
E-mail: kristine.ozolniece@lkb.lv