07 November 2008, Moody's Investors Service downgraded the long- and short-term foreign currency deposit rating of Mortgage and Land Bank of Latvia to A3 from A2 and to Prime-2 from Prim


07 November 2008, Moody's Investors Service downgraded the long- and short-term
foreign currency deposit rating of Mortgage and Land Bank of Latvia to A3 from
A2 and to Prime-2 from Prime-1 respectively. 

The change in the rating is due to the change in the Republic of Latvia foreign
and local currency ratings to A3 from A2 conducted on November 7, 2008 and
reflects decrease of economic activity in the Republic of Latvia. 

As of September 30, 2008, the assets of the State JSC Mortgage bank were 949
mln. LVL and its equity capital together with subordinated liabilities
comprised 91 mln. LVL.