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S&P Global Ratings affirmed Latvia's credit rating at high "A+" level

Created : 21.06.2022.
On Friday, June 17, 2022, S&P Global Ratings affirmed Latvia's credit rating at a high A + level, outlook remains stable.


The agency notes that current Latvia's credit rating is underpinned by Latvia's generally effective economic policymaking, its EU and NATO membership, solid external profile, as well as moderate government debt and favorable financing conditions. According to the agency`s view, the stable outlook balances the rising macroeconomic risks to Latvia's small and open economy stemming from the Russia-Ukraine conflict against the medium-term growth prospects and strong public balance sheet. The outlook also reflects agency`s expectation of overall manageable risks stemming from Latvia's ongoing efforts to de-couple from Russia's energy supplies. In addition, agency expects the steady flow of EU transfers over the next years will support Latvia's medium-term growth outlook and mitigate fiscal and external pressures.

"S&P’s rating recognized that strengthening of energy independence is an important factor not only for the national security but also for maintenance creditworthiness and economic growth stimulus in medium-term. It is important investment in state’s future,” emphasizes the Minister of Finance Jānis Reirs.

The agency notes that it could take a positive rating action on Latvia if economic growth rebounded to consistently exceed that of peers, while fiscal balances continued to narrow, putting net general government debt level on a firm downward trend, as well as Latvia's economy would synchronize with that of eurozone at large.

The previous S&P Global Rating  publication about Latvia’s credit rating was on February 7, 2022, when the agency did not change the high “A +” level of Latvia's credit rating and the stable outlook.

The full publication is available on the S&P Global Ratings website (registration required).